Japan entertainment maker Sony ups forecasts as profits grow

Nov 1, 2022, 2:46 AM | Updated: 3:07 am
FILE - Visitors walk past a logo of Sony at Sony Building in Tokyo, July 31, 2014. Sony’s quarter...

FILE - Visitors walk past a logo of Sony at Sony Building in Tokyo, July 31, 2014. Sony’s quarterly profit through September rose 24% on healthy demand for its music and movies, prompting the Japanese entertainment and electronics company to raise its annual sales and profit forecasts Tuesday, Nov. 1, 2022. (AP Photo/Eugene Hoshiko, File)

(AP Photo/Eugene Hoshiko, File)

TOKYO (AP) — Sony said Tuesday its quarterly profit through September rose 24% on healthy demand for its music and movies, prompting the Japanese entertainment and electronics giant to raise its annual sales and profit forecasts.

Tokyo-based Sony’s July-September profit totaled 264 billion yen, or $1.8 billion, up from 213 billion yen in the previous year.

Entertainment companies have tended to thrive during the pandemic, as people stuck at home turned to games and movies. Sony makes PlayStation video game consoles and also offers online gaming.

Sony shipped 3.3 million PlayStation 5 game consoles during the second quarter of the April-March fiscal year.

Although Sony’s games business quarterly sales rose, its profit declined due to higher costs. Sony acquired U.S. video game developer Bungie during the quarter.

In music, top-selling recordings included Beyonce’s “Renaissance” and Harry Styles’ “Harry’s House.” Among its films, “Bullet Train,” starring Brad Pitt, earned $233 million globally.

Sony, which also makes camcorders and headphones, recorded higher quarterly sales and profits for its imaging and sensor operations.

Sony raised its sales forecast for the fiscal year through March 2023 to 11.6 trillion yen ($79 billion) from an earlier projection of 11.5 trillion yen ($78 billion). Sony’s sales totaled 9.9 trillion yen in the previous fiscal year.

Sony also raised its fiscal year profit forecast to 840 billion yen ($5.7 billion) from an earlier 800 billion yen ($5.4 billion). That’s lower than the 882 billion yen earned last year.

Sony is among Japan’s stellar brands, having brought the world the Walkman portable music player. But it had humble beginnings in the 1940s, when the nation was rebuilding from the ashes of World War II.

In more recent decades, Sony’s electronics division has faced tough competition from cheaper Asian rivals. Sales of TVs that were once pillars of Sony’s power, for instance, have declined.

___

Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

A crime scene is taped off at New Season Church in Nashville, Tenn., on Saturday, Nov. 26, 2022. Me...
Associated Press

Drive-by shooting injures 2 at funeral at Nashville church

NASHVILLE, Tenn. (AP) — A drive-by shooting in Nashville on Saturday injured two people as they and others were walking out of church from the funeral of a woman who was fatally shot earlier this month, according to police. Metro Nashville Police Department spokesperson Don Aaron said the afternoon shooting occurred outside New Season Church, […]
19 hours ago
FILE - Zion National Park near Springdale, Utah, is pictured on Sept. 15, 2015. A woman died and a ...
Associated Press

Woman dies on hike in Utah’s Zion Park, husband rescued

A woman died and a man was rescued after they were caught in extreme cold weather while hiking in Utah's Zion National Park.
19 hours ago
FILE - Nick Fuentes, far-right activist, holds a rally at the Lansing Capitol, in Lansing, Mich., N...
Associated Press

Trump faulted for dinner with white nationalist, rapper Ye

NEW YORK (AP) — Former President Donald Trump is renewing attention to his long history of turning a blind eye to bigotry after dining with a Holocaust-denying white nationalist and the rapper formerly known as Kanye West just days into his third campaign for the White House. Trump had dinner Tuesday at his Mar-a-Lago club […]
19 hours ago
Associated Press

12-year-old dies in Russian Roulette; murder charges brought

A 12-year-old boy is dead after playing Russian Roulette with peers in Jackson, Mississippi, police say. Jackson’s Deputy Police Chief Deric Hearn identified the boy as Markell Noah, according to reports by Mississippi-based WLBT-TV. Following the death officers arrested two juveniles and one adult Friday. Police say the two juveniles are being charged with murder […]
19 hours ago
President Joe Biden visits a shop in Nantucket, Mass., Saturday, Nov. 26, 2022. (AP Photo/Susan Wal...
Associated Press

Biden, family hit Nantucket stores for some holiday shopping

NANTUCKET, Mass. (AP) — President Joe Biden went holiday shopping on the Massachusetts resort island where he spends Thanksgiving, patronizing smaller independently owned stores on what the retail industry has called “Small Business Saturday.” Biden, his wife, Jill, and daughter Ashley went from store to store on Main Street in downtown Nantucket, lingering at Polo […]
19 hours ago
Associated Press

Rugby star and ALS campaigner Doddie Weir dies at 52

EDINBURGH, Scotland (AP) — Doddie Weir, a former Scotland rugby player whose diagnosis with Lou Gehrig’s disease led to a widely praised campaign for more research into ALS, has died at the age of 52. The Scottish Rugby Union (SRU) announced Weir’s death on Saturday. The lock played 61 times for Scotland and was famed […]
19 hours ago

Sponsored Articles

(Photo via MLB's Arizona Fall League / Twitter)...
Arizona Fall League

Top prospects to watch at this year’s Arizona Fall League

One of the most exciting elements of the MLB offseason is the Arizona Fall League, which began its 30th season Monday.
...
Quantum Fiber

Stream 4K and more with powerful, high-speed fiber internet

Picking which streaming services to subscribe to are difficult choices, and there is no room for internet that cannot handle increased demands.
...
Day & Night Air Conditioning, Heating and Plumbing

Ways to prevent clogged drains and what to do if you’re too late

While there are a variety of ways to prevent clogged drains, it's equally as important to know what to do when you're already too late.
Japan entertainment maker Sony ups forecasts as profits grow