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Sony announced a 10% increase in operating profit for the April-June period, exceeding analyst estimates.
Sony reported a 10% increase in operating profit for the April-June quarter, surpassing analyst expectations. The company posted a profit of 279 billion yen ($1.90 billion), exceeding the average estimate of 275 billion yen from analysts polled by LSEG. This boost was driven largely by the strong performance of its industry-leading image sensor business.
The image sensor segment, a major supplier for smartphone manufacturers, saw its profit triple to 36.6 billion yen due to favorable foreign exchange impacts and higher sales.
Sony, a conglomerate with interests in music, movies, games, and technology, increased its full-year profit forecast by 3%. The company attributed the adjustment to favorable foreign exchange rates. For the year, the company has assumed an exchange rate of approximately 145 yen to the dollar.
The yen’s recent appreciation has led investors to reassess the outlook for Japanese multinational companies. Previously, a weaker yen had acted as a buffer for exporters like Sony.
Sony sold 2.4 million PlayStation 5 (PS5) units in the first quarter, a decrease from the previous year. However, the games business saw an increase in profit. Sony expects to sell 18 million PS5 units in the current fiscal year, down from 20.8 million the previous year.
The gaming industry faces rising costs and weak pricing power, with Sony-owned developer Bungie recently announcing a reduction of nearly 20% of its workforce.
Sony’s shares closed flat before the earnings announcement and are down 8% year-to-date, giving the company a market capitalization of just over $100 billion. Japanese shares have experienced recent volatility, with significant market fluctuations.
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