Sony Beats Estimates, Supported by Significant Growth in Gaming

Equities Staff  |

Image Source: Sony

Sony surprised the market with a better-than-expected earnings report Tuesday, posting a profit of ¥233.3 billion ($2.2 billion) in the April-June quarter, up over 53% from the prior year’s period.

The company handily beat analysts’ estimates for the quarter of ¥143.21 billion, according to data from Refinitiv.

Sales for the quarter increased 2% to ¥1,968.9 billion ($18.6 billion).

For the full fiscal year ending March 2021, Sony projects:

Click to enlarge

Image source: Sony quarterly earnings presentation, August 4 2020.

Significant strength in the company’s gaming and financial services segments offset weakness in other operating areas:

Segment highlights for the quarter included (% change from prior year’s period):

Gaming and Network Services

Music

Movies

Electronics

Imaging & Sensing

Financial Services

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Source: Equities News

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