Sony hikes forecasts on strong music business
Thursday, 10 August 2023
TOKYO, Aug 09 (AFP): Japanese electronics giant Sony on Wednesday upgraded its annual sales and net profit forecasts, driven by strength in its music business and favourable foreign exchange rates.
The conglomerate said its annual net profit for the year to March 2024 should reach 860 billion yen ($6.0 billion), up from a previous estimate of 840 billion yen.
Its overall sales forecast was upgraded to 12.2 trillion yen from 11.5 trillion yen.
The company said it expected to see stronger gaming software sales and lower costs for the segment, while healthy foreign exchange moves were seen boosting sales in a wide range of its business fields, including games, music
and movies.