Sony reports 10% profit growth, helped by games, music and image sensors

Sony presented a report on the results of the first quarter of the 2024 financial year, which ended on June 30, 2024: the company managed to increase operating profit by 10%, exceeding analysts’ expectations – growth was demonstrated by the gaming and music business, as well as the semiconductor business.

Image source: sony.com

Sony’s quarterly revenue amounted to 3.01 trillion Japanese yen ($20.42 billion) against analysts’ expectations of 2.8 trillion yen ($18.99 billion); Operating profit increased by 10% and reached 279.11 billion yen ($1.89 billion) – analysts had predicted 275.35 billion yen ($1.87 billion). The company, according to her, achieved strong sales due to “significant growth” in gaming and network services, music, as well as sensors and image processing technologies.

The gaming segment, best known for its PlayStation consoles, brought in revenue of 864.9 billion yen ($5.87 billion), up 12% from 771.9 billion yen ($5.24 billion) a year earlier. Revenue from the music segment and camera sensors showed growth of 23% and 21%, respectively.

In May, Sony reported that it sold 20.8 million PlayStation 5 units in fiscal 2023, slightly short of its 21 million goal. In the quarter ending June 30, 2024, the company sold 2.4 million of the latest-generation consoles, less than 3.3 million units sold during the same period a year earlier. But despite lagging in the hardware segment, Sony noted growth in sales of its own games and online services, most notably the PlayStation Plus subscription: modern gamers are increasingly turning to digital downloads and subscription services, including cloud gaming platforms.