Sony raises forecast as sales hold up amid COVID damage

TOKYO – Sony reported Thursday that its nett fell 54% successful the past quarter, chiefly owed to a one-time tax-related summation that inflated past year’s number.

The Japanese electronics and amusement institution managed to support results contempt the coronavirus pandemic, reporting a 13% emergence successful quarterly sales.

Tokyo-based Sony Corp.’s July-September nett totaled 213.1 cardinal yen ($2.4 billion), down from 458.6 cardinal yen the erstwhile year. Quarterly income climbed to 2.37 trillion yen ($21 billion).

Sony raised its nett forecast for the fiscal twelvemonth done March 2022, to 730 cardinal yen ($6.4 billion), from an earlier 700 cardinal yen ($6.2 billion).

Sony, which makes PlayStation crippled consoles, has suffered from a spot shortage due to the fact that of the effects of COVID-19 infections successful southeast Asia, arsenic person different manufacturers astir the world.

But its sprawling business, which includes TVs, integer cameras, movies and banking, held up comparatively well.

Ad

The pandemic benefited immoderate sectors similar games and streaming euphony arsenic radical were stuck astatine home, Chief Financial Officer Hiroki Totoki told reporters.

Sony is successful talks with TSMC, oregon Taiwan Semiconductor Manufacturing Company, to nutrient machine chips successful Japan to guarantee a dependable supply, helium said, portion declining to springiness details.

On the hazard side, if COVID-19 infections commencement winding down successful months ahead, Sony won’t beryllium capable to number connected the aforesaid beardown maturation successful gross from those businesses that benefited from the pandemic, the institution said.

Sony said its income volition get a assistance from the acquisition by Sony Pictures Entertainment of Crunchyroll, which provides video-on-demand, mobiles games, animation and manga to 200 countries and territories.

The acquisition was carried retired successful August done Funimation, a associated task betwixt Sony Pictures Entertainment and Aniplex, a subsidiary of Sony Music Entertainment.

Ad

___

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

Copyright 2021 The Associated Press. All rights reserved. This worldly whitethorn not beryllium published, broadcast, rewritten oregon redistributed without permission.