Sony claims that despite production delays brought on by the COVID-19 lockdowns in Shanghai and a shift away from video games when pandemic restrictions loosened elsewhere, its profit increased by 3% in the most recent quarter.
Japan (AP) — Despite production delays brought on by COVID-19 lockdowns in Shanghai and a shift away from video games when pandemic restrictions loosened elsewhere, Sony’s profit increased by 3% in the most recent quarter.
Sony Corp., a Japanese electronics and entertainment business with headquarters in Tokyo, reported a profit of 218 billion yen ($1.6 billion) for the period ending in June, up from 212 billion yen in the same period last year.
Sales for the third quarter increased 2% to 2.31 trillion yen ($17.4 billion), thanks to high demand for Sony’s music offerings, including “Harry’s House” by Harry Styles and “Planet Her” by Doja Cat.
“Morbius,” a movie based on the Marvel Comics character, was among the better performers in the cinema. Sony, on the other hand, is hopeful that “Bullet Train,” starring Brad Pitt and scheduled for release in August, will be a success commercially.
Sony, the company behind Columbia Pictures movies, Bravia TVs, and the PlayStation video game console, reported increased music streaming service sales for the quarter. The streaming industry was anticipated to stay stable despite some worries about a recession in the global economy, according to Chief Financial Officer Hiroki Totoki.
Technology services and the video gaming industry both saw a decline in sales. According to Totoki, one explanation was that when the coronavirus pandemic’s limitations loosened, fewer people were playing video games and more were going out.
A lack of computer processors has also held down Sony’s manufacturing of the PlayStation 5 console.
In the most recent quarter, Sony’s gaming software sales decreased while software development costs increased. Sony recognized that the shipments’ slowness may stifle gamers’ enthusiasm for the PlayStation 5. However, the business is counting on popular games set for release later this year to boost sales.
Sony stated that it anticipates its total fiscal year profit to decrease from the prior year’s 882 billion yen to 800 billion yen ($6 billion).
A lack of computer processors has also held downSony’se manufacturing of the PlayStation 5 console.
In the most recent quarter, Sony’s gaming software sales decreased while software development costs increased. Sony recognized that the shipments’ slowness may stifle gamers’ enthusiasm for the PlayStation 5. However, the business is counting on popular games set for release later this year to boost sales.
Sony stated that it anticipates its total fiscal year profit to decrease from the prior year’s 882 billion yen to 800 billion yen ($6 billion).
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