Sony posts 10% jump in profit, beating estimates on strong gaming growth

Sony on Wednesday reported a 10% jump in operating profit in the fiscal first quarter, beating analyst expectations after seeing strong growth in its gaming, music and imaging chip businesses.

Here's how Sony did in the June quarter, versus LSEG consensus estimates:

• Revenue: 3.01 trillion Japanese yen ($20.5 billion), versus 2.8 trillion yen expected. That marked a 2% rise from the same period a year ago.
• Operating profit: 279.11 billion yen ($1.9 billion), versus 275.35 billion yen expected. That was up 10% year-over-year.

In an earnings release Wednesday, Sony said that its first-quarter sales benefited from "significant increases" in game and network services, music, and imaging and sensing solutions.

Gaming, for which Sony is well-known thanks to its popular PlayStation consoles, banked revenues of 864.9 billion yen in the quarter, up 12% from 771.9 billion yen a year ago.

Meanwhile, Sony's music and imaging sensor divisions saw revenue jumps of 23% and 21%, respectively.

In May, the Japanese consumer electronics power house reported a disappointing full-year 2023, narrowly missing its target for annual PlayStation 5 sales. The firm at the time reported total unit sales of 20.8 million in the fiscal year 2023, lower than the 21 million units Sony said it was expecting.

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