Sony quarterly net profit jumps but forecast unchanged

TOKYO, NOV 8 (AFP/APP/DNA):Sony’s net profit jumped in the second quarter thanks to stronger sales in gaming, music and imaging sensors, the PlayStation maker said Friday but left its annual profit forecasts unchanged.

The yen’s weakness against the dollar and euro had a positive impact on takings in those key sectors, the Japanese conglomerate added.

However, Sony Pictures suffered from “lower series deliveries in Television Productions, in part due to production delays related to the strikes in Hollywood”.

For the three months from July to September, Sony logged net profit of 338.5 billion yen ($2.2 billion), up 69 percent from 200.1 billion yen in the same period a year ago.

It still forecasts a full-year net profit of 980 billion yen.

The company also maintained its operating profit outlook, but revised its sales forecast upwards slightly.

Sony’s earnings release comes a day after its PlayStation 5 Pro console hit shelves, with a price tag that has raised eyebrows among gamers.

In Europe the device costs an eye-watering 799.99 euros ($860) — 250 euros higher than the older version — and almost 120,000 yen ($780) in Sony’s home market of Japan.

Yet Sony is not the only tech company making consumers fork out for their latest devices, and growing sticker shocks in the tech industry have yet to deter consumers.

The company said Friday that an increase in sales for imaging sensors — used in phone cameras — as well as the “positive impact of foreign exchange rates” contributed to growth in the operating profit for that segment.

The yen hit a four-decade low against the dollar in July, having plunged in value since early 2022.

Music streaming is also a money-spinner for Sony, which has an impressive back catalogue and whose current roster includes top artists such as Beyonce and Lil Nas X.

According to recent reports in Variety and the Financial Times, citing sources, British rockers Pink Floyd have agreed to sell their recorded music and name-and-likeness rights to Sony Music for around $400 million.