Multinational conglomerate Sony Group Corp. has raised its profit guidance for the year as it is bullish on its music, movies, and electronics businesses, the company announced.
- Sony hiked its full-year operating profit guidance to 980 billion yen from 930 billion. Operating profit for the second quarter came in at 280 billion yen, surpassing expectations of 226.1 billion yen.
- Sony’s optimism is driven by the higher income from its film and television business segments, along with the increase in licensing fee revenues, music streaming revenues, and sales of its digital cameras.
- Chief Financial Officer Hiroki Totoki said its major offering, PlayStation 5, has turned a profit, priced at $499. The $399 PS5 Digital Edition is still selling at a loss but will be offset by other sales.
- Sony continues to target over 14.8 million PlayStation 5 unit sales this year, even as vaccine rollouts have helped several territories shift back to pre-COVID work and lifestyle habits.
Shares of the company are up 7.7% year-to-date and are currently down 1.10%.