Gaming giant raises FY sales guidance | Global News Avenue

sony It raised its full-year sales guidance on Thursday and reported operating profit that beat analysts’ expectations after a strong quarter at its gaming business.

Here’s how the company performed in the September quarter, compared to LSEG’s consensus estimates:

• Revenue: 2.97 trillion yen ($19.4 billion), compared with expectations of 3.03 trillion yen. Growth of 9% was slightly lower than analysts’ expectations.
• Operating profit: 445.1 billion yen ($2.91 billion), compared with expectations of 336.07 billion yen. The year-on-year growth was 73%, exceeding expectations.

The Japanese technology giant slightly raised its revenue target for fiscal 2025 to 12.7 trillion yen. Its previous sales target was 12.6 billion yen. Sony also forecast full-year operating profit of 1.3 trillion yen, consistent with its previous forecast.

Sony, meanwhile, sees strength in its gaming and network services division, which owns its popular PlayStation home console brand. The company’s game and network services revenue was 1 trillion yen, a year-on-year increase of 11%.

Sony’s gaming division is performing well thanks to a shift toward digital game purchases and its PlayStation Plus subscription service. However, hardware shipments underperformed as the console market weakened due to a lack of much-hyped AAA games.

However, analysts expect things to improve in the gaming industry next year – especially thanks to the expected launch of the next-generation Nintendo Switch model and the release of Grand Theft Auto VI.

This is a breaking news story. Please refresh for updates.