Sony outperforms with double-digit profit growth

Investing.comAug 7, 2024 7:08 AM

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Investing.com -- Sony Corp (TYO:6758) reported a 10% rise in operating profit for the first quarter, beating analyst estimates driven by growth in the game and network Services (G&NS), music, and imaging and sensing solutions (I&SS) segments.

Operating profit reached 279 billion yen ($1.9 billion), compared to the 275 billion yen anticipated by analysts.

Revenue for the quarter was 3.01 trillion yen ($20.5 billion), beating the expected 2.8 trillion yen and marking a 2% increase year-over-year.

The company's first-quarter sales were bolstered by "significant increases" in game and network services, music, and imaging and sensing solutions.

Gaming revenues, notably from PlayStation consoles, rose 12% to 864.9 billion yen. The music and imaging sensor divisions saw revenue increases of 23% and 21%, respectively.

The image sensor business, benefiting from favorable foreign exchange rates and higher sales, saw profits jump to 36.6 billion yen.

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