Strong Sales in Music, Image Sensors, and Video Games Drive Quarterly Growth
TOKYO — Sony, the renowned Japanese electronics and entertainment giant, announced a significant 13% increase in profit for the October-December period. The company attributed this growth to soaring sales in music, image sensors, and video games, according to a statement released on Wednesday.
Sony reported a quarterly profit of 363.9 billion yen (equivalent to $2.4 billion), up from 321.5 billion yen in the previous year. Sales for the quarter also saw a substantial rise of 22%, reaching 3.7 trillion yen ($24.7 billion). The surge in sales was observed across various divisions, including financial services, gaming, networking operations, and entertainment sectors encompassing music and movies.
One of the key factors boosting Sony’s performance was the increased sales of image sensors used in mobile products. Moreover, the company capitalized on favorable exchange rate trends, particularly the weakening of the yen against the dollar, which amplified the value of overseas earnings when converted into yen. Currently, the U.S. dollar is hovering around 150 yen.
Sony highlighted the growth in revenue from recorded and published music, merchandise, and licensing. In its pictures operations, Sony experienced a surge in revenue from TV and digital streaming licensing, as well as home entertainment sales, driven by successful movie releases such as “Spider-Man: Across the Spider-Verse” and “The Equalizer.”
Furthermore, the company noted a rise in subscriber numbers for its animation service, Crunchyroll, contributing positively to its profits. In light of this strong performance, Sony revised its annual profit forecast to 920 billion yen ($6.1 billion), surpassing the earlier projection of 880 billion yen ($5.9 billion). Despite this upward revision, the latest forecast remains below the 1 trillion yen earned in the previous fiscal year.
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