Sony Group (SONY) tops FQ3 estimates, cuts PlayStation 5 sales outlook; shares rise

Sony Group (NYSE: SONY) reported better-than-anticipated revenue and operating profit for the fiscal third quarter while cutting the full-year PlayStation 5 sales outlook.

The company’s shares fell 0.5% in Tokyo while its US-listed stock rose 3% in premarket trading.

For the December quarter, Sony generated 3.75 trillion Japanese yen ($24.9 billion) in revenue, exceeding the consensus estimate of 3.58 trillion yen.

Operating profit was 463.3 billion yen, surpassing the forecast of 428.4 billion yen.

The company's gaming sector saw a 16% increase in sales year-on-year to 1.4 trillion yen during the period. Despite this, the gaming division's operating profit dropped by 26% due to higher losses from hardware promotions and a decrease in sales of first-party games.

Sony reported sales of 8.2 million PlayStation 5 consoles, bringing the fiscal year's total to 16.4 million units.

However, Sony reduced its PlayStation 5 sales outlook for the fiscal year ending in March to 21 million units, down from the earlier prediction of 25 million units.

It also decreased its sales forecast for the gaming division by 210 billion yen to 4.15 trillion yen amid weaker hardware sales.

For the entire company, Sony adjusted its fiscal year sales forecast to 12.3 trillion yen from 12.4 trillion yen.

At the same time, Sony announced plans to partially spin off its financial services division through a public listing in October 2025. As part of this plan, Sony intends to distribute over 80% of Sony Financial Group's shares as dividends.

By Vahid Karaahmetovic

You May Also Be Interested In

• DSC Holdings files for Nasdaq IPO at $16 to $18 per ADS
• Accenture tumbles 16% on guidance cut; announces Dragos, runZero, NetRise deals
• Vontier names Cameron Richardson group president of Repair Solutions