Sony Group Corp. raised its annual profit forecast after reporting better-than-expected quarterly earnings, driven by robust gaming sales and music streaming growth during the holiday season.
Operating profit rose to ¥469.3 billion ($3.1 billion) in the quarter ended December 31, up 1% from ¥463.3 billion a year earlier, the Tokyo-based company said Thursday. The entertainment and electronics giant lifted its full-year operating profit outlook to ¥1.34 trillion from ¥1.31 trillion previously.
The gaming division saw a significant boost in revenue, with sales jumping 16% to ¥1.68 trillion, helped by strong PlayStation 5 hardware sales and digital content. Music operations also performed well, with streaming revenue climbing in both recorded music and publishing.
Chief Financial Officer Hiroki Totoki cited continued strong demand for PS5 consoles and games as a key growth driver. The company’s gaming segment posted an operating profit of ¥118.1 billion, up 37% year-on-year.
However, the financial services unit saw operating income decline 40% to ¥46.4 billion, while the pictures division reported a drop in operating profit to ¥34 billion from ¥41.6 billion a year earlier.
The company announced plans to buy back up to ¥50 billion of its own shares, signaling confidence in its business outlook despite global economic uncertainties. Sony maintained its revenue forecast of ¥13.2 trillion for the fiscal year ending March 2025.
