Sony’s quarterly profit growth beats forecasts

In the first quarter of fiscal year 2022, which ended in June, Sony Corporation recorded a slight increase in revenue and net profit, with profits better than market forecasts, and revenues did not meet analysts’ expectations.

The company’s net profit in April-June increased by 3% to 218.2 billion yen ($1.63 billion).

Sony’s revenue in the last quarter grew by 2.4% and reached 2.31 trillion yen.

Analysts polled by Quick had forecast net income of 209.3 billion yen and revenue of 2.46 trillion yen on average.

The group’s consolidated operating profit rose to 306.96 billion yen from 280.07 billion yen a year earlier.

Operating profit of division which is engaged in video games and consoles fell to 52.76 billion yens from 83.26 billion yens. The music business recorded an increase in profit to 60.97 billion yen from 55.38 billion yen. Film business profit doubled to 50.66 billion yen, while the electronics division reported a reduction in operating profit to 53.57 billion yen from 71.75 billion yen a year earlier.

Alexandra Taylor

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