Sony Group Corp. raised its net profit forecast Wednesday for the fiscal year through March to ¥700 billion ($6.42 billion) on strong demand for music streaming services and digital cameras, beating expectations that sales of image sensors for mobile phones would fall.
The latest outlook compares with a net profit of ¥660 billion projected in April and represents a 32.0% drop from the previous year.
For the current business year, the Japanese electronics and entertainment giant now expects operating profit to increase 2.6% to ¥980 billion, up from its earlier forecast of ¥930 billion. The company left its sales estimate unchanged at ¥9.70 trillion, up 7.8%.