Sony Earns 145% more During the Q2 of its Fiscal Year

FinanceBrokerage - Techno: Japan’s Sony Corporation recorded its all-time highest quarterly profit through its music segment.

Sony Earns 145% more During the Q2 of its Fiscal Year

The Japanese industrial conglomerate Sony obtained an attributed net profit of 459,634 million yen (4,406 million dollars) between July and September, corresponding to the second quarter of its fiscal year, ending in March 2021. It represents an increase of 145% compared to the same period of the previous year. This growth has led the multinational company to raise its expectations for annual results.

Sony’s quarterly revenues remained in line with those of the same quarter of the previous year, up to 1.72 trillion yen (16,482 million dollars), with an increase of 11.5% in the sales of the video game business, up to 506,638 million yen (4,854 million dollars).

For its part, the music sector increased its sales by 5.3%, to 230,868 million yen (2,211 million dollars). Meanwhile, the income of the film unit decreased by 2.6%, to 192,333 million yen (1,842 million dollars).

The electronics business expanded by 2.3%, up to 504,658 million yen (4,834 million dollars). At the same time, the image industry reduced its income by 1.2%, to 307,084 million yen (2,941 million dollars).

Sony increases the production of PlayStation 5

The Japanese company expects to close its current fiscal year, which will end on March 31, 2021. It will result in a turnover of 8.5 trillion yen (81,421 million dollars). It is 3% more than in fiscal 2020. Besides, the company expects to reach a net attributable profit of 800,000 million yen (7,662 million dollars). Thus, improving its forecast by 57% from last August and exceeding its results from the previous year by 37%.

Consolidated sales and operating income for the fiscal year ending March 31, 2021, are expected to be higher than forecast in August. It is due to higher-than-expected sales in games, music and financial services, partially offset by higher than expected sales. Sales are lower than expected in the image segment, the company explained.

Sony has increased production of its next-generation console, PlayStation 5, to reach 10 million units this year. The company has appreciated the demand for video games due to the Covid-19 pandemic.

The technology company informed partners and assembly suppliers that it is increasing orders for its next-generation console. However, logistics can still pose a challenge to deliver all those machines in time for the holiday shopping season. 

Concerns about the second wave of the coronavirus infections may keep more people at home for longer, as governments around the world closely monitor efforts to reopen their economies. Sony’s revised expectation is that this current situation will cause additional demand for the PlayStation 5 console.

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