Sony’s quarterly profit soars as video games revenues rise amid pandemic lockdown

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Sony’s quarterly profit soars as video games revenues rise amid pandemic lockdown

Sony Corp., the Konan, Tokyo-based Japanese multinational tech and entertainment industry conglomerate had revealed the quarterly earnings’ report for its fiscal first quarter on Tuesday, which had insanely beaten an analysts’ estimate and the company’s operational profit surged as much as 53 per cent compared to the same time a year earlier as Sony Corp.’s video games alongside other online businesses had vigorously picked up with a majority of world’s population staying home due to the pandemic-driven forced shutdowns.

Aside from that, the Tokyo-headquartered trailblazer in Japanese tech industry, Sony Corp. had reported an operational profit of $2.2 billion over the quarter that ended on June 30, up from a figure of $1.44 billion on a year-on-year basis.

Sony’s quarterly sales edged up 2% as the Japanese tech tycoon warned of bumpy ride ahead

On top of that, while the Japanese tech and entertainment industry mogul Sony Corp.

had reported a rise of 2 per cent to $18.6 billion at its quarterly sales, the Tokyo-based conglomerate had also warned that its movies unit would likely to suffer for two or three years because of an inevitable delay in a flurry of film projects alongside a curb on theatre seating due to the pandemic.

Besides, the technology-to-entertainment conglomerate had also reported a plunge in demands for its electronics products and gadgets including digital cameras and televisions, while the company was also quoted saying that a number of its major assembling lines in China and Malaysia remained shutdown due to the pandemic-driven closure.

Nonetheless, a sweeping plunge in the company’s quarterly sales were largely offset by a big lift from the consumers signing on to its network services, as Sony Corp.’s PlayStation Plus subscribers had surpassed 45 million over the April-June quarter.

However, forecasting a gloomier fiscal picture for the rest of the year, the company had told at its statement that it had been expecting a $4.8 billion profit for the fiscal year that would be ended on March 2021, down about 12 per cent compared to the previous fiscal year.