Japan’s Sony sees profit grow on demand for games, but quake damage still unclear
Summary
Sony Group reported a 32% increase in profit for the first quarter of the fiscal year, driven by demand for its video games and music. The company acknowledged damage from a recent earthquake in southwestern Japan but said the full impact on profits is still being evaluated.Key Facts
- Sony’s net profit for April-June rose to 342.2 billion yen (about $2 billion), up from 259 billion yen a year earlier.
- Sales increased 8% to 2.84 trillion yen ($17.7 billion) during the same period.
- The earthquake in Kumamoto caused some disruption to Sony’s semiconductor factories, with one facility still not operating.
- Sony’s PlayStation 5 consoles sales grew to 1.6 million units in the quarter, with total PS5 sales surpassing 93 million.
- Sony’s music business performed well, helped by popular catalogs like Michael Jackson’s albums and newer artists.
- The company’s film business had fewer releases, but Crunchyroll streaming subscribers increased.
- Sony expects a 1.2 trillion yen ($7.5 billion) net profit for the full fiscal year, a 17% rise from last year.
- Annual sales are projected to be about 12.5 trillion yen ($77.8 billion), nearly flat compared to the previous year.
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