Sony Q1 Profit Surges, Raises FY24 Forecast

Sony reported a robust financial performance for Q1 FY24, with a 10% rise in operating profit to ¥279 billion ($1.9 billion), driven by strong gains in its gaming, music, and imaging sensor segments. Despite the impressive overall growth, PS5 hardware sales declined to 2.4 million units for the quarter, down from 3.3 million units in the same period last year, and below analyst expectations of 3 million units. However, the gaming division saw a 12% increase in revenue, bolstered by the success of first-party games like Helldivers II and increased PlayStation Plus subscriptions. Favorable foreign exchange rates also played a significant role in boosting profits across multiple divisions. Sony raised its full-year profit forecast by 3% to ¥1.3 trillion, reflecting optimism for continued growth across its diverse business portfolio.