Sony’s net profit rose in the second quarter thanks to stronger sales in gaming, music and image sensors, the PlayStation maker said Friday, but left its annual profit forecasts unchanged.
The yen’s weakness against the dollar and the euro had a positive impact on revenues in these key sectors, the Japanese conglomerate added.
However, Sony Pictures suffered from “lower series deliveries on television productions, partly due to production delays caused by the Hollywood strikes”.
During the three months from July to September, Sony posted a net profit of 338.5 billion yen ($2.2 billion), up 69 percent from 200.1 billion yen in the same period a year ago.
It still forecasts full-year net profit of 980 billion yen.
The company also maintained its operating profit outlook, but slightly revised up its revenue guidance.
Sony’s earnings announcement comes a day after the PlayStation 5 Pro console hit shelves, with a price tag that has raised eyebrows among gamers.
In Europe, the device costs a whopping 799.99 euros ($860) – 250 euros higher than the older version – and almost 120,000 yen ($780) in Sony’s home market of Japan.
Still, Sony isn’t the only tech company making consumers eager for their latest devices, and the tech industry’s growing sticker shock has yet to deter consumers.
The company said Friday that an increase in sales of image sensors – used in phone cameras – and the “positive impact of foreign exchange rates” contributed to operating profit growth for that segment.
The yen hit a four-decade low against the dollar in July after falling in value since early 2022.
Music streaming is also a money-spinner for Sony, which has an impressive back catalog and includes its current roster of top artists like Beyonce and Lil Nas
According to recent reports in Variety and the Financial Times, citing sources, British rockers Pink Floyd have agreed to sell their recorded music and name-and-likeness rights to Sony Music for approximately $400 million.