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Sony profits soar on PS5 demand

08/04/2021 | 04:38am EDT

More people staying at home is good news for Sony.

It reported a jump in first-quarter profits Wednesday (August 4) thanks to a boost in sales of PlayStation 5 consoles, TVs, cameras, music and movies.

Operating profit for the quarter beat estimates after it rose to just over 280 billion yen, or $2.57 billion.

That was up from almost 222 billion yen a year earlier.

Sony has benefited from strong demand for its PlayStation 5, although a global shortage of semiconductors means it can't produce enough consoles to meet demand.

The Japanese firm said in May that it expected to sell 14.8 million PS5 units in the fiscal year ending March 2022.

It sees the console as a way to connect its traditional consumer electronics with its growing content business.

In December it agreed to buy AT&T's animation business Crunchyroll, with 3 million subscribers worldwide.

Sony also offers movies on Disney's streaming service as well as Netflix.

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NETFLIX, INC. 0.87% 595.92 Delayed Quote.9.23%
SONY GROUP CORPORATION 0.16% 12360 End-of-day quote.20.18%
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