Sony Group Reports Profit Rise on Strength of Game, Music, Sensor Businesses

By Kosaku Narioka

Sony Group raised its fiscal-year earnings forecasts as it reported a rise in first-quarter net profit thanks to the strength of its game, music and imaging-sensor businesses.

The Japanese entertainment and electronics company said Wednesday that net profit climbed 6.5% from a year earlier to 231.64 billion yen ($1.60 billion) for the three months ended June. That exceeded the estimate of Y214.30 billion in a poll of analysts by data provider Visible Alpha.

First-quarter revenue increased 1.6% from a year earlier to Y3.012 trillion.

For the fiscal year ending March 2025, it projected that net profit would rise 1.0% to Y980 billion, compared with its previous view for a 4.7% drop.

Sony has been spending billions of dollars in acquisitions over the past few years to beef up entertainment content creation. Its entertainment businesses such as games, music and movies made up nearly 60% of overall revenue in the fiscal year ended March, up from about 30% a decade earlier.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

08-07-24 0247ET