{"id":27334,"date":"2023-04-28T11:53:23","date_gmt":"2023-04-28T11:53:23","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/sony-posts-record-annual\/"},"modified":"2023-04-28T11:54:47","modified_gmt":"2023-04-28T11:54:47","slug":"sony-expects-profit-to","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/sony-expects-profit-to\/","title":{"rendered":"Sony expects profit to slip despite record PlayStation 5 sales"},"content":{"rendered":"<p>By Kiyoshi Takenaka and Tim Kelly<\/p>\n<p>TOKYO (Reuters) -Sony Group Corp on Friday said PlayStation 5 sales will jump by six million units this business year, but forecast its profit will slip from a record high as weaker financial services sales offset gains from gaming, music and movies. <\/p>\n<p>The Japanese company said it expects operating profit in the year to March 31 to fall 3.2% to 1.17 trillion yen  ($8.65 billion), lower than an analysts&#8217; average estimate of a 1.275 trillion yen profit, according to Refinitiv data.<\/p>\n<p>The improved performance of its gaming unit, however, will come as a relief to the entertainment and electronics conglomerate after it struggled to make enough PlayStation 5 game consoles to meet demand during the COVID-19 pandemic because of semiconductor supply chain disruptions. <\/p>\n<p>&#8220;We can now deliver PlayStation 5 to almost anywhere in the world without keeping our customers waiting,&#8221; Sony Group President Hiroki Totoki said at a press briefing after the company announced its results.  <\/p>\n<p>Sony, which competes with Xbox maker Microsoft Corp and Switch provider Nintendo Co Ltd, said it expects to sell a record 25 million PlayStation 5 (PS5) consoles this business year, up from 19.1 million in the previous 12 months and more than double the number it sold the year before that. <\/p>\n<p>For this business year, the company forecast profit at its gaming and network unit to rise by 8% to 270 billion yen. <\/p>\n<p>Toyo Securities analyst Hideki Yasuda said sluggish sales of videogame software, which is more profitable than the console side, cast a shadow over the game unit.<\/p>\n<p>In the latest quarter to March, PlayStation 5 sales more than trebled from a year earlier to 6.3 million units, while <\/p>\n<p>software sales fell 3.5%.<\/p>\n<p>&#8220;If you buy new hardware, you generally buy software as well. Software sales ought to have grown in tandem with hardware,&#8221; Yasuda said.     <\/p>\n<p>Sony expects earnings at its music and pictures divisions to be slightly higher this year, with profits from financial services falling by a fifth.<\/p>\n<p>Sony also predicted that image sensor operating profit will dip by 5.8% to 200 billion yen.<\/p>\n<p>The firm said overall operating profit for the three months that ended March 31 fell 7.3% to 128.5 billion yen, with full year profit nudging up to a record 1.21 trillion yen.<\/p>\n<p>($1 = 135.2600 yen)<\/p>\n<p> (Reporting by Kiyoshi Takenaka; Editing by Chang-Ran Kim, Muralikumar Anantharaman and Christina Fincher)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/sony-expects-profit-to\/the-sony-logo-is-displayed-outside-the-companys-headquarters-in\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3R086-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3R086-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Kiyoshi Takenaka and Tim Kelly TOKYO (Reuters) -Sony Group Corp on Friday said PlayStation 5 sales will jump by six million units this business year, but forecast its profit will slip from a record high as weaker financial services sales offset gains from gaming, music and movies. The Japanese company said it expects operating [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":27335,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-27334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3R086-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/27334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=27334"}],"version-history":[{"count":8,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/27334\/revisions"}],"predecessor-version":[{"id":27745,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/27334\/revisions\/27745"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/27335"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=27334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=27334"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=27334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}