Sony Q1 Earnings

Sony reported a 10% increase in operating profit in its fiscal first quarter, beating analysts’ expectations.

Here’s how Sony performed in the June quarter versus LSEG consensus estimates:

• Revenue: 3.01 trillion yen ($20.5 billion) versus 2.8 trillion yen expected. This marked a 2% increase from the same period last year.
• Operating profit: 279.11 billion yen versus 275.35 billion yen expected. Up 10% year-on-year.

The news comes after the Japanese consumer electronics giant reported a disappointing full-year 2023 result, with operating profit falling 7% year-on-year due to weakness in its financial services business.

Sony also narrowly missed its full-year 2023 target for PlayStation 5 sales, reporting total unit sales of 20.8 million for fiscal 2023. That was below the 21 million units Sony said it expected to ship for the full year, which was revised down from a previous estimate of 25 million units.