Sony Group raised its full-year outlook Thursday for sales and profit after its media divisions outperformed, suggesting that resilient consumer spending and a weaker yen are stabilizing the business.
The Japanese electronics and entertainment giant is targeting net sales of ¥12.4 trillion ($82.1 billion) in fiscal 2024, up from ¥12.2 trillion and better than estimated. It stuck with an existing forecast for operating income of ¥1.17 trillion. Notably, its predictions for music and gaming profit both surpassed analysts’ expectations.
The weaker yen may have played a role in propping up the numbers, given Sony’s globe-spanning business. The conglomerate continues to grapple with an uncertain global economic climate. Price discounts likely propelled sales of the marquee PS5 gaming console, reversing a slowdown in growth that emerged during the June quarter. Sony is launching a slimmer version of the device Friday.