Sony Profit Jumps More Than Expected, Raises Guidance
Net profit climbed 32%
- Sony Group raised its annual earnings forecasts, driven by strong performance in its entertainment and image-sensor businesses.
- Sony Group’s net profit for the three months ended June rose 32% to 342.16 billion yen, beating analyst estimates.
- Sony offered to acquire Japanese camera-lens maker Tamron to strengthen its camera business.
Sony 6758 0.55%increase; green up pointing triangle Group raised its annual earnings forecasts after first-quarter net profit came in stronger than expected, supported by a rise in earnings from its music and image-sensor businesses.
The Japanese electronics and entertainment company said Friday that net profit climbed 32% from a year earlier to 342.16 billion yen, equivalent to $2.15 billion, for the three months ended June. That beat the estimate of ¥262.6 billion in a poll of analysts by data provider Visible Alpha.
First-quarter revenue grew 8.2% to ¥2.838 trillion. Operating profit increased for its game, music, movie and image-sensor businesses.
For the fiscal year ending March 2027, it now expects revenue to increase 0.2% to ¥12.500 trillion and net profit to climb 17% to ¥1.210 trillion, driven partly by the strength of its entertainment and image-sensor businesses. The company previously projected revenue of ¥12.300 trillion and net profit of ¥1.160 trillion.
Sony Group has spent billions of dollars on acquisitions in recent years to beef up its entertainment content while relinquishing control of businesses in other areas.
In March, Sony roughly doubled its stake in the company that owns the Snoopy, Charlie Brown and other Peanuts characters, to 80% for about $460 million. It spun off its financial business in October.
The Japanese company said in May that it planned to form a joint venture with Taiwan Semiconductor Manufacturing Co. to develop and produce next-generation image sensors. Sony aims to limit capital expenditure with the move as it prepares for greater demand for “eyes” for machines in the age of artificial intelligence.
Sony on Thursday said it offered to acquire Japanese camera-lens maker Tamron, as part of efforts to strengthen its camera business. Sony is one of the largest shareholders of Tamron, holding a stake of about 15% as of the end of last year.