Sony has increased its projected net profit for the year after a strong performance in the first quarter. The company anticipates robust sales in its video game, music, and image sensor divisions.
The yen’s decline against the dollar in recent months has led to higher revenue for the Japanese conglomerate.
In the April to June period, Sony saw a six percent rise in net profit compared to the previous year, reaching 231.6 billion yen ($1.6 billion), surpassing analyst expectations.
The company now expects a net profit of 980 billion yen for the fiscal year 2024-25, a six-percent increase from the previous year.
This forecast is up from the initial estimate of 925 billion yen, which would have been lower than the results from the previous fiscal year.
Sony’s music streaming services have been a successful venture, with a strong catalogue and popular artists like Beyonce and Lil Nas X.
Analyst Yasuo Nakane from Mizuho Securities had predicted a potential record profit for Sony’s image sensors, particularly in iPhone production.
Under new leadership, Sony might also achieve record profits in the gaming sector next year, according to Nakane.
Nakane believes that CEO Hideaki Nishino will enhance PlayStation 5 supply chain management and maximize profits through various operations.
Contrary to rumors, Sony has decided against bidding for Paramount Global, which is set to merge with Skydance, as reported by Japan’s Nikkei business daily.
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