Sony increased its operating profit forecast for the fiscal year ending in March by 2% to 1.34 trillion yen ($8.70 billion) on Thursday, citing robust growth in its gaming division. Once renowned for products like the Walkman, Sony now operates across gaming, films, music, and image sensors.
The gaming unit saw a 37% profit boost in the October-December quarter, fueled by increased sales in network services and reduced hardware losses. President Hiroki Totoki is taking the reins of the tech and entertainment conglomerate in April, after serving as the finance chief and in leadership roles within the gaming segment.
During the quarter, Sony sold 9.5 million PlayStation 5 units, up from 8.2 million the previous year. The company anticipates upcoming game releases like Grand Theft Auto VI to drive the gaming business in the next fiscal year. Meanwhile, the in-house title Ghost of Yotei is slated for release this year, following the success of Ghost of Tsushima.
Monthly active users on the PlayStation Network rose over 10% to 129 million compared to the previous quarter, despite a recent global network outage. Sony's music division also reported increased profits from streaming services.
In the third quarter, the group's profit stood at 469.3 billion yen, surpassing analysts' expectations. The hardware division, primarily cameras, saw steady operating profit as television sales dipped. Sony's expansion into entertainment continued with an investment in Kadokawa, a media powerhouse, alongside plans to repurchase up to 30 million shares worth around 50 billion yen.