Sony’s profit increased by 3% in the most recent quarter despite production delays brought on by the COVID-19 lockdowns in Shanghai and a shift away from video games as pandemic restrictions loosened elsewhere.
Tokyo-based Sony, a Japanese electronics and entertainment company, reported Friday that its April-June profit was JPY 218 billion (approximately Rs. 12,96,000 crore).
Sales for the third quarter increased by 2% to JPY 2.31 trillion (approximately Rs. 37,45,00 crore), thanks to high demand for Sony’s music releases, including Harry Styles’ Harry’s House and Doja Cat’s Planet Her.
The movie Morbius, which was based on the Marvel Comics character, was among the better ones. However, Sony is hopeful that the August release of the Brad Pitt-starring film Bullet Train would be successful commercially.
Sales of Sony’s music streaming service increased during the quarter, according to the company, which also produces the PlayStation video gaming consoles, Bravia TVs, and Columbia Pictures movies.
Hiroki Totoki, chief financial officer, predicted that the streaming industry will stay stable despite some worries about a decline in the world economy.
The video game industry and technological services both saw a decline in sales. According to Totoki, one explanation was that fewer individuals were playing video games as the coronavirus pandemic’s limitations were relaxed and more of them were going out.
The development of the Sony PlayStation 5 console has also been slowed down by a chip shortage.
Sales of game software from Sony decreased in the most recent quarter while software development costs increased.
Sony acknowledged the lag in shipments could stifle gamers’ enthusiasm for the PlayStation 5. But the corporation is counting on big games coming out later in the year to boost sales.
Sony predicted that its entire fiscal year profit will decrease from JPY 882 billion the previous year to JPY 800 billion (approximately Rs. 47,60,000 crore) (roughly Rs. 52,45,000 crore).