Sony lifts sales targets after strong Q2

8th Nov 2024 10:26

(Sharecast News) - Japanese electronics giant Sony has lifted its full-year guidance on the back of strength in its gaming division, after second-quarter profits jumped more than 70%, comfortably beating analysts' forecasts.

The company reported a second-quarter operating profit of JPY455.1bn, up 73% from JPY263bn a year earlier, as revenues rose 9% to JPY2.97trn.

Net profit was up 69% at JPY338.5bn, well ahead of the JPY254bn expected by the market.

For the second quarter, Game and Network Services revenues totalled JPY1.07trn, up from JPY954bn a year earlier, while operating profits for the division more than doubled to JPY138.85bn.

Sony said it now expects full-year sales to total JPY12.71trn, up JPY100bn from its previous guidance, as higher-than-expected Game and Network Services revenues make up for slight cuts to forecasts for Sony Pictures and the Imaging and Sensing Solutions divisions.

Operating profit guidance was held steady at JPY1.31trn.

The stock finished 1.2% higher at JPY2,805.50 in Tokyo.