Sony logs record full-year sales but net profit dips / Photo: Philip FONG - AFP
-
Korea's Severe Asthma Patients Blocked from Biologics by Restrictive Reimbursement Rules
-
Belgium Signs Contract for 20 Rheinmetall Skyranger Air Defence Systems
-
Shanghai Science and Technology Museum Signs Pacts With London and Ottawa Institutions at CIIE
-
New Gold IRA Investing Guide Explains How to Buy Gold in an IRA for American Consumers
-
RBI Data Reveals Divergence in Credit Card Spending and Debit Card Cash Withdrawals
-
First-time boat buyers advised to assess full ownership costs
-
Panthers expected to begin 2027 NRL season away from new stadium
-
Planning and preparation can reduce stress of interstate relocation
-
Sweet As app launches restaurant discovery platform
-
Two more arrested in Carrie Mullane suspected murder investigation
-
Phoenix Restaurants Offer Thanksgiving Dinner to Go for Pickup
-
MLA seeks inquiry into reported sectarian gestures on Ormeau Road
-
Mayo school appeals for information after convent and chapel vandalism
-
Louise O’Reilly attacks Simon Harris over unemployment remarks
-
Virginia overwhelms Arkansas 91-72 behind balanced scoring
-
Canadian soldier Aidan Goulding remembered at Vancouver funeral
-
Second major storm brings destructive winds and outages to British Columbia
-
Tayyab Arif hits 57 on Pakistan Test debut against Sri Lanka
-
Godzilla Minus Zero leads North American box office with $31.6m
-
Robert Trujillo discusses literacy and social justice children’s books
-
Advocate calls for coordinated support for children facing trafficking
-
Civil rights advocate William Bill Tucker dies aged 98
-
Medicare Open Enrollment Ends Dec. 7: Review Your Coverage Options
-
Pennsylvania Democrats secure state trifecta in midterm elections
-
US Treasury order targets bank transfers linked to crypto exchange MEXC
-
Godzilla Minus Zero sets foreign-language box-office opening record
-
Nvidia CEO Controversy Sparks Fears of Tighter U.S. AI Chip Curbs for Samsung and SK hynix
-
Eagles record six sacks as rushing attack struggles against Giants
-
Villeneuve teases James Bond casting at Los Angeles museum gala
-
Thames Water seeks to delay £12bn in debt repayments
-
Nottinghamshire launches specialist rural crime policing team
-
Newark boxing gym expands alternative education programme
-
China confirms talks over possible Xi-Putin-Trump summit
-
Democrats consider impeachment drive against Defence Secretary Hegseth
-
Rail journey offers a slower route to a Berlin city break
-
Energy bill plan could use HMRC income data to target support
-
Arsenal control title race as Manchester United fall into bottom three
-
Business owner earning £6,000 a month tackles £70,000 debt
-
Suspected Krakow gunman dies after attack that killed six
-
Nvidia chief faces inquiry after disclosing affair with suspected Chinese agent
-
Carrick backs Dalot after hostile reception from Manchester United fans
-
Comet returns as online electrical marketplace 14 years after collapse
-
Aston Villa Defy History With Rare Victory at Old Trafford
Sony logs record full-year sales but net profit dips
Sony on Tuesday reported its best-ever sales in the financial year to March thanks to strong results in movies, electronics and music, while net profit dipped 14 percent from the previous year's record high.
A lockdown-fuelled gaming boom has slowed, but the Japanese giant has seen success in other entertainment sectors, with "Spider-Man: No Way Home" overtaking "Avatar" as North America's third-highest-grossing film.
Demand for sensors used in smartphone cameras has continued to soar, and Sony Music also scored a winner with Adele's latest album "30" and strong licence revenue in its popular anime business.
The conglomerate reported full-year sales for 2021-22 of 9.9 trillion yen ($76 billion) and net profit of 882 billion yen.
In 2020-21, Sony logged a record net profit of more than a trillion yen, partly thanks to tax gains and the explosion in popularity of video games during Covid-19 lockdowns.
The 10 percent increase in sales from 8.99 trillion yen in 2020-21 "was mainly due to significant increases in sales in the pictures, electronics products and solutions and music segments", Sony said.
Hideki Yasuda, senior analyst at Toyo Securities, said Sony would likely benefit from the fall of the yen, which has hit 20-year lows against the dollar this year.
He said the conglomerate is now succeeding in a broader range of sectors with favourable business environments, such as music and movies.
"Sony is really turning into a content company now, from its previous status as an electronics manufacturer."
- PlayStation 5 supply woes -
For the current financial year to March 2023, Sony predicts sales will rise 15 percent to 11.4 trillion yen, while net profit is projected to slip six percent to 830 billion yen.
Sony has faced challenges rolling out its PlayStation 5 console, which remains difficult to get hold of 18 months after its November 2021 launch -- in part due to supply chain disruption including the global chip shortage.
The company "could have sold so many more PS5s if they were able to produce more", according to Serkan Toto, an analyst at Kantan Games in Tokyo.
"I don't see any kind of problem for Sony in the gaming world or in the gaming market, except for the supply chain issues: it's impossible to get a PlayStation 5. It's ridiculous," he told AFP.
Even then, Sony has released a stream of popular games from "Ratchet and Clank" to "Gran Turismo 7", Toto said.
D.Sawyer--AMWN