Sony Group raised its full-year outlook Thursday for sales and profit after its media divisions outperformed, suggesting that resilient consumer spending and a weaker yen are stabilizing the business.
The Japanese electronics and entertainment giant is targeting net sales of ?12.4 trillion ($82.1 billion) in fiscal 2024, up from ?12.2 trillion and better than estimated. It stuck with an existing forecast for operating income of ?1.17 trillion. Notably, its predictions for music and gaming profit both surpassed analysts¡¯ expectations.
The weaker yen may have played a role in propping up the numbers, given Sony¡¯s globe-spanning business. The conglomerate continues to grapple with an uncertain global economic climate. Price discounts likely propelled sales of the marquee PS5 gaming console, reversing a slowdown in growth that emerged during the June quarter. Sony is launching a slimmer version of the device Friday.
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