TOKYO (Reuters) – Japan’s Sony Group on Tuesday reported fourth-quarter operating profit that more than doubled to 138.6 billion yen (€1.01 billion) on strong performance in its video game and online services business.
Sony has also benefited from strong demand for its PlayStation 5 video game console, with which the group encourages online game downloads and subscriptions to its subscription services.
About 11.5 million units of the console were produced in the last fiscal year, and almost 20 million have been shipped since its launch in 2020, despite a semiconductor shortage that has led to a decline in production.
The company is also expanding its software business, announcing in February the acquisition of Halo video game maker Bungle for $3.6 billion.
Sony’s earnings for the quarter ended March 31, compared to a profit of 66.5 billion yen a year ago, however, fell short of 147 billion yen estimated by 10 analysts polled by Refinitiv.
Its yearly earnings also boosted from film production profits thanks to the success of the latest installment in the Spider-Man franchise.
Sony also revised its operating income for the current fiscal year to 1.16 trillion yen from 1.2 trillion yen earlier. This forecast is lower than analysts’ estimates, which had expected an average of 1.21 trillion yen, according to the Refinitiv consensus.
(Tim Kelly reporting; French version by Helene Vardon, edited by Kate Entringer)