Sony Group’s Second-Quarter Net Profit Beat Analysts’ Expectations — Earnings Review

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by Kosaku Narioka

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Sony Group Corp reported its second-quarter results on Tuesday. Here’s what you need to know.

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Net profit: Sony Group’s net profit rose 24% from a year earlier to 263.96 billion yen ($1.77 billion) for the quarter ended September 30. This surpassed the estimate of Y218.50 billion in a poll of analysts by Quik.

Revenue: Revenue grew 16% to Y2.752 trillion in the second quarter. This also exceeded the estimate of Y2.678 trillion in the Quick poll.

What we saw:

–Music: Sony raised its fiscal year operating-profit forecast for its music business to Y265.0 billion from its previous view of Y230.0 billion, citing sales growth from streaming services. Second-quarter operating profit from its music business rose 56% from a year ago to Y78.73 billion.

–Mobile Sensors: Sony increased its fiscal year operating profit view for its imaging and sensing business to Y220.0 billion from its previous forecast of Y200.0 billion. Despite weak sales of image sensors used in cell phones and security cameras, the company attributed the increase to the weak yen.

–Outlook: Sony raised its revenue and net profit forecasts for the fiscal year ending March 2023 as it expects strong earnings from its music and film businesses. It expects revenue to rise 17% to Y11.600 trillion and projects net profit to decline 4.8% to Y840.00 billion.

Write to Kosaku Narioka at [email protected]

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