Sony has reported a robust performance in the third quarter of fiscal year 2023, with revenue soaring to 3.7475 trillion yen ($24 billion), marking a 22% increase year over year. The electronics and entertainment giant also saw a 10% increase in operating profit to 463.3 billion yen and a 13% rise in net profit to 363.9 billion yen, reflecting strong growth across several of its key business sectors.
The quarter witnessed significant contributions from Sony’s streaming media subscription services, particularly in recorded music and music distribution, bolstered by a slate of film releases that enhanced television and digital streaming licensing revenue and home entertainment sales. Additionally, Crunchyroll’s growing subscriber base and the sales of image sensors for mobile devices, coupled with favorable exchange rates, contributed to the company’s overall growth.
In response to these positive results, Sony has revised its operating profit forecast for fiscal year 2023 upwards to 1.185 trillion yen.
Breaking down the performance by sector, the gaming and online services business saw a 16% increase in revenue to 1.4444 trillion yen, attributed to higher game software sales and in-game transactions, despite a drop in operating profit due to increased marketing expenses. The music business enjoyed a 16% rise in sales revenue to 422.1 billion yen, with operating profit up by 21%.
The film and television sector reported a 10% increase in sales revenue to 366.3 billion yen. Meanwhile, the imaging and sensing solutions business experienced a 21% jump in revenue to 505.2 billion yen, with a notable 18% increase in operating profit, driven by strong demand for image sensors in mobile products.
Sony’s financial services business remarkably increased nearly twelvefold in sales revenue year-on-year to 311.7 billion yen, with a 64% increase in operating profit, primarily due to significant growth in Sony Life Insurance and improved net investment results.
These figures underscore Sony’s diversified strength across entertainment, technology, and financial services, positioning the company for sustained growth amid global economic uncertainties.
