Sony Group Reports Profit Drop on Weak Electronics, Financial Businesses

By Kosaku Narioka

Sony Group reported a drop in second-quarter net profit due to weakness in its electronics and financial businesses despite stronger entertainment earnings.

The Japanese company said Thursday that net profit fell 29% from a year earlier to 200.105 billion yen ($1.33 billion) for the three months ended Sept. 30. That missed the estimate of Y226.68 billion in a poll of analysts by data provider Quick.

Operating profit dropped for Sony's image-sensor, other electronics and financial businesses, while operating profit increased for its game, music and movie businesses. Revenue increased 7.7% from a year earlier to Y2.829 trillion.

Sony raised its revenue and net profit forecasts for the fiscal year ending March 2024, partly due to stronger earnings from its music business.

It projected net profit would drop 12.5% to Y880.00 billion, compared with the previous view of a 14.5% fall, and for revenue to increase 13% to Y12.400 trillion, compared with the previous forecast of a 11% rise.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

November 09, 2023 02:10 ET (07:10 GMT)

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