- Sony Group Corp SONY reported revenue growth of 16% year-on-year in the second quarter of FY22 to 2.75 yen trillion. Segments & Profits: Revenue from gaming and network services grew 12% year over year to 720.7 billion yen, and operating income fell 49% year over year to 42.1 billion yen.
- Music revenue grew 32% year-on-year to 359.3 billion yen and operating revenue grew 56% year-on-year to 78.7 billion yen.
- Image sales rose 29% year-over-year to 337.5 billion yen, and operating income fell 13% year-over-year to 27.6 billion yen.
- Entertainment, technology and services revenue rose 16% year over year to 677 billion yen, and operating income rose 7% year over year to 77.8 billion yen.
- Imaging & Sensing Solutions revenue increased 43% year-on-year to 398.4 billion yen and operating income rose 49% year-on-year to 74 billion yen.
- Financial services revenue grew 17% year-on-year to 304.5 billion yen and operating income rose 27% year-on-year to 54.6 billion yen.
- Consolidated operating income rose 8% year over year to 344 billion yen. EPS was 212.29 yen.
- Sony sold 3.3 million PS5 units in the quarter, the same as last year. The gaming division sold fewer physical copies of software this year, at 62.5 million units, down 18% from the same quarter last year.
- Sony held ¥1.21 trillion in cash and equivalents.
- Outlook: Sony raised its FY22 operating profit forecast to 1.16 trillion yen from 1.11 trillion yen.
- A surge in streaming sales from the music publishing business helped revise earnings, along with a weak yen that boosted overseas image sensor sales Apple Inc AAPL Premium iPhones, Bloomberg reports.
- In its core games business, Sony intends to beat its current guidance of selling 18 million units of the PlayStation 5 console in the year through March, and is targeting sales of 23 million PS5 units in the following fiscal year.
- “God of Warif coupled with better hardware availability could support momentum, but I expect the division’s recovery will be limited,” the report quotes Morningstar Research analyst Kazunori Ito as saying.
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