TOKYO (Reuters) – Japan’s Sony Group on Tuesday reported fourth-quarter operating profit that more than doubled to 138.6 billion yen (1.01 billion euros) on strong performance of its video games and network services activities.
Sony has also benefited from strong demand for its PlayStation 5 games console, through which the group is encouraging online game downloads and sign-ups for its subscription services.
Some 11.5 million units of the console came in the last fiscal year and nearly 20 million have been shipped since its launch in 2020, despite a shortage of semiconductors that has dampened production.
The company is also expanding its software business, announcing in February the acquisition of Bungle, the creator of the “Halo” video game for $3.6 billion.
Sony’s profit for the quarter ended March 31, which compares to a profit of 66.5 billion yen a year ago, was, however, below the 147 billion yen estimate of 10 analysts polled by Refinitiv.
Its annual profits were also boosted by profit from its film production division thanks to the success of the latest film in the “Spider-Man” franchise.
Sony also revised down its operating profit for the current fiscal year to 1.16 trillion yen from 1.2 trillion yen previously. This forecast is below an estimate by analysts who expected an average of 1.21 trillion yen, according to a consensus of Refinitiv.
(Reporting by Tim Kelly; French version Elena Vardon, editing by Kate Entringer)
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