By Kosaku Narioka
Sony Group Corp. said on Friday its first-quarter net profit rose 3.0% from the same period a year earlier on higher profits from its film and financial businesses.
The Japanese electronics and entertainment company said net profit for the quarter ended June 30 rose to 218.20 billion yen ($1.63 billion). This exceeded the estimate of 209.31 billion yen from an analyst poll by Quick.
First-quarter revenue increased 2.4% year-on-year to 2.311 billion yen
The operating profit of its film business rose to 50.655 billion yen from 25.35 billion yen a year earlier and the operating profit of its financial business soared to 81.31 billion yen from 24.01 billion yen. Meanwhile, its gaming business operating profit fell to 52.76 billion yen from 83.26 billion yen.
Sony raised its revenue forecast but cut its net profit projection for the fiscal year ending March 2023, citing weaker gaming revenue.
It expects revenue to rise 16% to 11.5 trillion yen, compared to its previous forecast of a 15% rise, and expects net profit to fall 9.3 % to 800.00 billion yen, compared to its previous forecast of a decline of 5.9%.
Write to Kosaku Narioka at firstname.lastname@example.org
(END) Dow Jones Newswire
July 29, 2022 02:37 ET (06:37 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.