Sony raised its profit and revenue outlook on Thursday on expectations of sustained games and music sales, helped by its yearslong spending spree on content.
The Tokyo-based entertainment and technology company lifted its annual net income forecast by 10% to ?1.08 trillion ($7 billion), just above analyst estimates. The outlook rise came after its income rose 2.7%, while analysts on average had expected a double-digit decline due to sluggish demand for Sony¡¯s image sensors for smartphones.
Sony has prioritized acquiring more content and intellectual property rights at a time when the company¡¯s hardware efforts are stagnating. The PlayStation 5, now in its fifth year on the market, is on the decline while Sony¡¯s smartphone camera sensors unit is grappling with a protracted market funk.
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