Sony reveals robust Q1 performance driven by growth in gaming, music, photography
(MENAFN) Japan's Sony Corp. reported a robust 10 percent increase in operating profit for the first quarter of its fiscal year, surpassing analysts' expectations. The company's success was fueled by significant growth in its gaming, music, and photography sectors. Sony's music division, in particular, benefited from the release of Beyoncé's new album, "Cowboy Carter," which significantly boosted its performance during the quarter.
Sony's revenues for the quarter reached approximately 3 trillion Japanese yen, or about USD20.5 billion, exceeding the anticipated 2.8 trillion yen and reflecting a 2 percent increase compared to the same period last year. Operating profit came in at 279.11 billion yen, approximately USD1.9 billion, surpassing the expected 275.35 billion yen and marking a 10 percent year-on-year increase. The company attributed this strong performance to notable growth across its gaming, networking, music, and imaging services segments.
In addition to the impressive quarterly results, Sony revised its forecast for the full year of 2024 upward. The company now anticipates annual sales of 12.6 billion yen, a 2 percent increase from previous projections, and has raised its operating profit forecast by 3 percent, expecting to reach 1.3 trillion yen in consolidated operating profit. This positive outlook underscores Sony's continued strength and resilience across its diverse business divisions.
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