Sony of Japan upgrades outlook due to strong performance in gaming sector

Tokyo – Sony, the well-known electronics and entertainment firm, announced a 3% increase in its profit for the October to December period on Thursday, along with an improved outlook for the entire fiscal year.
The quarterly profit reached 373.7 billion yen (approximately $2.4 billion), a rise from the previous figure of 364 billion yen.
In addition, quarterly sales experienced an 18% surge, totaling 4.4 trillion yen (nearly $29 billion). This boost was primarily attributed to strong performances in the company’s financial services, gaming, and music segments.
For the first nine months of the fiscal year, the maker of the PlayStation gaming console recorded a 21% increase in profits, amounting to 943.9 billion yen (around $6 billion), compared to 781.6 billion yen in the same period last year.
Sales during this nine-month period also grew by 8%, reaching 10.3 trillion yen (about $67 billion).
In light of these results, Sony has adjusted its annual profit forecast upward to 1.08 trillion yen ($7 billion), up from its earlier estimate of 980 billion yen ($6.3 billion) made in November.
This latest projection reflects an 11% increase over profit levels seen in the previous fiscal year.
The revision is being attributed to favorable currency exchange rates, coupled with increasing sales in network services.
The PlayStation 5, which has been on the market for five years now, continues to perform well, though details about a potential successor have yet to be revealed.