Sony sales exceed 10 trillion yen for 1st time

Kyodo News

Posted at Apr 28 2023 06:50 PM

Sony Group Corp. said Friday its sales in fiscal 2022 rose 16.3 percent to 11.54 trillion yen ($85 billion), exceeding 10 trillion yen for the first time, thanks to robust video game sales and a weaker yen.

The net profit for the year ended March rose 6.2 percent from a year earlier to 937.13 billion yen, helped by strong performances from its music and image sensor businesses, the Japanese electronics and entertainment giant said. Operating profit grew 0.5 percent to 1.21 trillion yen.

The upbeat earnings results came as Sony, which built its brand on the iconic Walkman portable music players and PlayStation game consoles, started the current fiscal year under new president Hiroki Totoki. The former executive deputy president took the helm at the company on April 1, replacing Kenichiro Yoshida.

Sales in its game and network services sector rose 33 percent to 3.64 trillion yen, with the company citing the positive effect of the weaker yen for the result.

Sony said it sold 19.1 million PlayStation 5 video game consoles in fiscal 2022, up from 11.5 million units a year ago.

For the current fiscal year ending March 2024, the company expects its net profit to fall 10.4 percent to 840 billion yen on sales of 11.5 trillion yen, down 0.3 percent.