Japan’s Sony on Thursday raised its full-year outlook after reporting record quarterly operating profit, boosted by gains for its image sensor and music divisions as well as a weak yen, even as PlayStation 5 sales slid.
Operating profit climbed 22% to 515 billion yen ($3.3 billion) – 9% more than an LSEG consensus estimate and it hiked its annual forecast by 8% to 1.54 trillion yen. The Japanese conglomerate has, over the years, made a successful pivot from household electronics to entertainment, but has seen its share price slide in recent months as investors question what its future drivers of growth will be.
Sales of image sensors, which are used in smartphones, increased 21%. Sony’s music business, home to singers such as Beyonce, Adele, SZA and Shakira, saw a 13% rise in revenue from streaming services, live events and merchandising in recorded music. The Japanese conglomerate also announced an expansion in its share buyback scheme, with shares jumping on the results before closing flat.
