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Sony Group Corp (NYSE: SONY) reported fiscal first-quarter 2024 sales growth of 2% year-on-year to $19.3 billion (3.01 trillion Japanese yen), beating the analyst consensus estimate of $17.19 billion.
EPS of $1.22 (189.43 yen) beat the analyst consensus estimate of $1.10.
Segments & Profits: Game & Network Services (G&NS) revenue increased 12% Y/Y to ¥864.9 billion, and operating income climbed 33% Y/Y to ¥65.2 billion.
Music revenue rose 23% Y/Y to ¥442.0 billion, and operating income increased by 17% Y/Y to ¥85.9 billion. The division, in particular, got a boost during the quarter led by the release of R&B star Beyonce's new "Cowboy Carter" album, CNBC reports.
Pictures revenue increased by 5% Y/Y to ¥337.3 billion, and operating income declined to ¥11.3 billion.
Entertainment, Technology & Services (ET&S) revenue grew by 5% Y/Y to ¥600.9 billion, and operating income increased by 15% Y/Y to ¥64.1 billion.
Imaging & Sensing Solutions revenue (I&SS) increased by 21% Y/Y to ¥353.5 billion, and operating income climbed by 188% Y/Y to ¥36.6 billion.
Financial Services revenue fell 34% Y/Y to ¥448.6 billion, and operating income decreased by 45% Y/Y to ¥30.0 billion.
Consolidated operating income rose by 10% Y/Y to ¥279.1 billion.
Sony sold 2.4 million PS5 units in the quarter versus 3.3 million a year ago, missing the analyst consensus of 3 million, Bloomberg reports.
It held ¥1.89 trillion in cash and equivalents as of June-end.
Outlook: Sony expects fiscal 2024 sales of $85.2 billion or ¥12.61 trillion (prior $84.9 billion or ¥12.31 trillion) versus the $79.64 billion consensus.
Price Action: SONY stock traded higher by 3.79% at $86.20 premarket at the last check Wednesday.
Photo via Shutterstock
Posted In: SONY
