Sony Group shares surged as much as 10.7% on Friday after the company raised its revenue and profit forecast for the fiscal year ending March 2024. Analysts are optimistic about Sony’s future, particularly its gaming division, which saw a 37% increase in operating profit during the third quarter.
The company now expects annual operating profit of 1.34 trillion yen ($87.6 billion) and full-year sales of 13.2 trillion yen, driven by strong performance in its gaming and music businesses. Sony sold 9.5 million PlayStation 5 units in the December quarter, up from 8.2 million in the same period last year, bringing lifetime sales of the PS5 to 74.9 million units.
Monthly active users on PlayStation platforms also hit a record 129 million accounts in December, a 5% year-on-year increase. Damian Thong of Macquarie Capital noted that Sony’s stock has room to grow, citing strong upcoming game releases and cost-cutting measures.
