TOKYO: Japan's Sony said Wednesday half-year net profit fell nearly 15 percent but it upgraded its annual net profit forecast on solid growth in its image sensor and music sectors.
The PlayStation manufacturer said net profit dropped 14.9 percent to 340 billion yen ($3.12 billion) for the April-September period, and forecast annual net profits of 540 billion yen, up from an earlier 500 billion yen forecast.
The company said it saw sales jump in the image sensor sector, thanks to the growth in demand due to mobile phones.
"Sales of image sensors remain strong. Demand for image sensors is expected to grow further as high-spec smart phones equipped with multiple lens are getting more popular," Hideki Yasuda, an analyst at Ace Research Institute in Tokyo, told AFP before the results were announced.
Sales for Sony's music business also rose, helped by its integration of EMI Music Publishing and an increase in streaming revenues.
Sony's half-year sales dipped 2.1 percent to 4.04 trillion yen while operating profit jumped 17.3 percent to 510 billion yen.
Sony spent years struggling to recover from deep financial trouble, a process that entailed aggressive restructuring, the loss of thousands of jobs and the sale of business units and assets.
It has seen a slowdown in its games and network businesses, and has said it expects revenue from the core sector to sag thanks to a continued fall in game hardware sales, and the cost of developing a next-generation console.
"Sales of PS4 consoles, which had spearheaded the company's recovery, are slowing down further as users' interest is now shifting to PS5," Yasuda said.
"Sales of its electronics products remain weak due to tough competition in the global market," he added. - AFP
source https://www.thesundaily.my/business/sony-first-half-net-profit-drops-14-9-full-year-net-profit-forecast-up-LG1549782
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