Sony raises full-year forecasts after solid PlayStation 5 sales in the holidays
The December quarter is a key period for Sony, covering the holiday shopping season which is often a lucrative time for consumer electronics firms.
Sony on Thursday raised revenue and profit forecasts for the full year after reporting a significant jump in gaming sales for the fiscal third quarter.
Here's how Sony did in the December quarter compared with analyst estimates compiled by LSEG:
Revenue: 4.41 trillion Japanese yen ($28.6 billion), versus 3.77 trillion yen expected. That was up 18% year-over-year and beat analyst expectations.
Operating income: 469.3 billion yen, versus 404.21 billion yen expected. That's up 1% year-on year and also topped analyst estimates.
Sony said it now expects sales for its fiscal full-year 2024 to hit 13.2 trillion yen, up 4% from its November forecast. The Japanese technology giant also raised its outlook for annual operating profit by 2% to 1.34 trillion yen.
The company noted that sales in its game and network services division totaled 237.9 billion yen in the fiscal third quarter, growing 16% year-over-year. This was bolstered by an increase in sales of both console and non-first-party game titles including add-on content.