Sony’s profit increased 13 percent in October-December due to increased sales of music, image sensors, and video games, according to the reports released by the company.
Sony Corp’s quarterly profit increased to 363.9 billion yen ($2.4 billion) from 321.5 billion yen the previous year.
The creator of PlayStation game consoles and Bravia TV sets saw quarterly sales rise 22% to 3.7 trillion yen ($24.7 billion).
Sales were strong throughout its numerous business lines, which included financial services, gaming and networking activities, and entertainment industries like as music and movies.
Increased sales of image sensors for mobile devices also boosted the company’s bottom line. Sony, like other Japanese corporations, has benefited from the declining currency rate.
The yen has dropped against the dollar, increasing the value of offshore profits when converted to yen. The US dollar has recently traded near 150 yen.
Sony reported an increase in revenue from recorded and published music sales, merchandise, and
licensing.
Following popular movie releases, Sony’s picture business saw an increase in TV and digital streaming licensing revenue as well as home entertainment sales throughout the fiscal year.
The popular movies included Spider-Man: Across the Spider-Verse," an animated superhero film, and Denzel Washington’s The Equalizer.
Sony noted that subscription growth on its animation service Crunchyroll aided profitability. Sony increased its annual profit expectation to 920 billion yen ($6.1 billion) from an earlier projection of 880 billion yen ($5.9 billion).
The revised prediction remains lower than the previous fiscal year’s earnings of 1 trillion yen.
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