Sony's April-September net profits drop 23.1% to $2.76B

TOKYO

Electronic manufacturer Sony Group on Friday reported a 23.1% drop in its net profits for this April-September, falling to 417.6 billion yen ($2.76 billion).

Net profits for April to September were $2.76 billion, down 23.1% from the same period last year. Sales revenue rose 19.3% to 5.79 trillion yen ($38.3 billion), while operating profits dropped 29.7% to 516 billion yen ($3.4 billion).

The Japanese company, which set an annual sales target of 25 million for the PlayStation 5 gaming console, achieved sales of 8.2 million consoles in the six-month period, or about one-third of the yearlong goal.

In a statement, Sony President Hiroki Totoki said the 25 million unit goal was ambitious and not easily achievable, stressing that the November and December holiday seasons would be key.

In the 2022 fiscal year, Sony saw 937.1 billion yen ($7 billion) in net profits, up 6.2% compared to the 2021 fiscal year.

Full-year net profit target raised

The comprehensive net profits expectation for the 2023 fiscal year, closing in March 2024, has been raised from the previously announced $5.8 billion, Sony said.

The expected profit margin is anticipated to benefit from demand for consoles and video game, music, and sensor sales, along with the positive impact of the Japanese yen's depreciation against foreign currencies.

*Writing by Alperen Aktas