Tokyo: Sony announced a significant surge in its second-quarter net profit, driven by higher sales in gaming, music, and imaging sensors. Despite this positive performance, the company has kept its full-year profit forecast unchanged.
The Japanese tech giant highlighted that the weaker yen against the dollar and euro provided a boost in these core sectors. However, Sony Pictures experienced setbacks due to fewer series deliveries, partly caused by production delays linked to recent Hollywood strikes.
For the period from July to September, Sony reported a net profit of 338.5 billion yen ($2.2 billion), marking a 69% increase compared to the 200.1 billion yen earned during the same quarter last year. The annual net profit target remains at 980 billion yen, with a slightly upward revision in the sales forecast, although the operating profit outlook stays steady.
Sony’s announcement coincided with the launch of its PlayStation 5 Pro console, which carries a higher price tag, drawing mixed reactions from consumers. In Europe, the new console is priced at 799.99 euros ($860), a substantial 250 euros increase over its predecessor, while in Japan, it costs nearly 120,000 yen ($780). However, rising prices in the tech industry have yet to significantly deter consumer demand.
Sony also noted growth in its imaging sensor segment, thanks to increased demand for phone camera sensors and favorable foreign exchange rates. The yen’s decline to a 40-year low against the dollar in July has been a contributing factor.
The company continues to benefit from the success of its extensive music catalog and streaming services, which include popular artists like Beyoncé and Lil Nas X. Additionally, reports from Variety and the Financial Times suggest that British rock legends Pink Floyd are close to finalizing a deal to sell their music rights and likeness to Sony Music for approximately $400 million.
