Sony has reported stronger-than-expected profits for fiscal 2022, boosted by record sales of its PlayStation 5 gaming console.
For the financial year ended March, the Tokyo-based company achieved net income of ¥937 billion, above Sony’s guidance of ¥870 billion and the ¥882 billion reported in the year-ago quarter.
Operating profit also surprised on the upside at ¥1.21 trillion, compared to the expected ¥1.18 trillion, while revenue for the fiscal year was as forecast by Sony at ¥11.5 trillion, a 16% jump from revenue of ¥9.9 trillion for fiscal 2021.
PlayStation 5 sales hit 19.1 million during the fiscal year, above the company’s forecast of 18 million and ahead of the 11.5 million sold in the previous financial year.
For the fourth quarter, the company’s performance also topped expectations with Sony reporting an operating profit of ¥128.5 billion and revenue of ¥3.06 trillion.
Analysts, per Refinitiv consensus estimates, were expecting an operating profit of ¥124.34 billion and revenue of ¥2.92 trillion.
Shares of the company, however, turned red on the company’s profit outlook for the 2023 financial year, ending in March 2024. The company forecast revenue of ¥11.5 trillion, flat year-over-year compared to fiscal 2022.
It expects its operating profit to drop by 3% to ¥1.17 trillion and its net income to fall by 10% to ¥840 billion. Analysts, on average, had expected ¥1.275 trillion in operating profit, according to Refinitiv.
Sony expects its PlayStation 5 sales will continue to grow in fiscal 2023, forecasting the sale of 25 million consoles.
Sony’s US-listed shares were down 4.4% at US$90.89 before the opening bell in New York on Friday.
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