Sony beats first-quarter earnings estimates as profit jumps 10%

Sony reported a 10% jump in operating profit in the fiscal first quarter, beating analyst expectations.

Here’s how Sony did in the June quarter versus LSEG consensus estimates:

• Revenue: 3.01 trillion yen ($20.5 billion) versus 2.8 trillion yen expected. That marked a 2% rise from the same period a year ago.
• Operating profit: 279.11 billion yen versus 275.35 billion yen expected. That was up 10% year-over-year.

It comes after the Japanese consumer electronics power house reported a disappointing full-year 2023, with operating profit declining 7% year-over-year on the back of weakness in its financial services business.

Sony also narrowly missed its full-year 2023 target for PlayStation 5 sales, reporting total unit sales of 20.8 million in the fiscal year 2023. That was lower than the 21 million units Sony said it was expecting to ship for the full year which was revised down from a previous estimate of 25 million units.