Sony $6758 (+0.81%) raises annual targets after profit jump

The Japanese electronics and entertainment group Sony is becoming more optimistic after better business in the first quarter.

The company is now targeting sales of 12.61 trillion Japanese yen (79.5 billion euros) and an operating profit of 1.31 trillion yen for the current financial year to the end of March 2025, the company announced in Tokyo on Wednesday. While analysts had expected less in terms of revenue, the company met expectations with its new profit target. Previously, the electronics and entertainment group had targeted sales of 12.3 trillion yen and an operating profit of 1.28 trillion yen.

In the first quarter, business with the PS5 games console in particular was significantly better, but the music business also grew strongly. Revenues climbed by two percent to just over three trillion yen between April and the end of June. Adjusted for the financial division, which

Sony to the stock market, sales increased by 12 percent to just under 2.6 trillion yen. Group-wide operating profit rose by ten percent to 279 billion yen.

The bottom line was a profit attributable to shareholders of just under 232 billion yen - six percent more than a year earlier. This was significantly more than analysts had expected. For the year as a whole, Sony is now also aiming for a surplus of 980 billion yen, more than previously planned.

Not to forget. Share buyback program underway and stock split coming in September

TOKYO (dpa-AFX)