Sony Corp Posted Record Earnings Driven By Chip and Music Units

Sony Group Corp on Friday posted a record annual profit due to strong performance at its music and microchip units, but the company predicted a smaller profit for the year to next March.

Operating profit at the Japanese electronics and entertainment conglomerate came to 1.21 trillion yen ($8.96 billion) for the year ended March 31, up 0.5 percent on the year.

For the current business year, Sony expects its operating profit to fall 3.2 percent to 1.17 trillion yen. That compares with analysts’ average estimate of a 1.275 trillion yen profit, according to Refinitiv data.

Sony, which competes with Xbox maker Microsoft Corp and Switch provider Nintendo Co Ltd, sold 19.1 million units of the PlayStation 5 (PS5) videogame machine in the past business year, up from 11.5 million a year earlier.

Sony struggled to meet PS5 demand earlier in the previous business year due to supply chain problems but managed to boost console output later as parts supply improved.

Source: Reuters

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