Sony reports Group Corp. said Tuesday that fourth-quarter net profit rose 67%
Sony Group Corp. said Tuesday that fourth-quarter net profit rose 67% from a year earlier thanks to stronger earnings from the game, music and movie businesses.
The Japanese entertainment and electronics company said net profit for the quarter ended March 31 rose to 111.08 billion yen from Y66.70 billion. That beat the estimate of Y94.24 billion from a poll of analysts by FactSet.Operating profit for its game business rose to Y87.255 billion from Y31.69 billion a year earlier. Operating profit for the music, movie and financial businesses also increased.
Sony said it expected revenue to increase 15% to Y11.400 trillion for the fiscal year that started in April. Sony projected net profit to drop 5.9% to Y830.00 billion as it expected lower operating profit from the game and movie businesses this fiscal year.
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