Sony reports strong fiscal first quarter performance, surpassing analyst expectations

Tokyo: On Wednesday, Sony announced a 10 percent increase in operating profit for the fiscal first quarter, exceeding analyst predictions. The company saw robust growth in its gaming, music, and imaging chip sectors.

Here are Sony's results for the June quarter compared to LSEG consensus estimates:

Revenue: 3.01 trillion Japanese yen ($20.5 billion), surpassing the expected 2.8 trillion yen and marking a 2 percent increase from the previous year.
Operating Profit: 279.11 billion yen ($1.9 billion), higher than the projected 275.35 billion yen, and reflecting a 10 percent year-over-year rise.
In its earnings release, Sony attributed its first-quarter sales growth to significant increases in its game and network services, music, and imaging and sensing solutions.

The gaming segment, driven by the popular PlayStation consoles, reported revenues of 864.9 billion yen, a 12 percent rise from 771.9 billion yen the previous year. Sony's music and imaging sensor divisions also experienced substantial revenue growth, with increases of 23 percent and 21percent, respectively.

Despite this strong quarterly performance, Sony had a challenging full-year 2023, narrowly missing its target for PlayStation 5 sales. The company reported total unit sales of 20.8 million for the fiscal year 2023, slightly below the anticipated 21 million units.