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Sony Boosts Profit Outlook on Better Movies, Music Prospects

  • Sony expecting more from music streaming and digital cameras
  • PlayStation software sales and subscriber additions slowed
Sony Products on Display at the Headquarters Gallery Ahead of Earnings
Photographer: Toru Hanai/Bloomberg
Updated on

Sony Group Corp. raised its fiscal-year profit forecast, betting that improving prospects for its music, movies and electronics divisions will offset slowing gaming demand as the global economy starts to emerge from Covid-19.

The Tokyo-based entertainment giant increased its full-year operating profit outlook to 980 billion yen ($8.99 billion) from 930 billion yen previously. Operating profit for the quarter ended June was 280 billion yen, higher than the average analyst expectations of 226.1 billion yen. Sony switched its accounting method from U.S. standards to IFRS starting with the June quarter.