Sony's annual financial report for fiscal year 2024

Sony's Q2 Profit Jumps 75%, Exceeds Estimates; Raises Sales Outlook, Game Sales Rise 12%

Nov 8, 2024, 06:50 AM

Sony Group Corp reported a 42% increase in operating profit for the first half of the fiscal year, driven by strong performance in its game and image-sensor businesses. The company's Q2 operating income reached 455.08 billion yen, surpassing analyst estimates of 335.31 billion yen. Sony's game and network services segment saw sales rise 12% to $7.01 billion, bolstered by solid PlayStation performance. Despite lowering expectations for image sensor sales to smartphone manufacturers, Sony maintained its full-year net income forecast at 980 billion yen, below analyst estimates of 1.01 trillion yen, and its operating income forecast at 1.31 trillion yen, below estimates of 1.33 trillion yen. The company raised its full-year net sales outlook to 12.71 trillion yen from 12.61 trillion yen. Sony Pictures' profits slipped to $124 million in the second quarter, but overall group profits jumped 75%, leading to a 5% increase in Sony's stock in aftermarket trading.