Sony Shares Surge Over 10% After it Forecasts Stronger Revenue and Profit for Fiscal Year 2024

Shares in Sony Group Surged as much as 10.7% friday after the Company raised its revionue and profit forecast For its current financial year ending in March.

The Japanese Technology and Environment Conglomerate Announced on Thursday it is Raising Its Outlook for Annual Operating Profit to 1.34 Trillion Yen ($ 87.6 Billion) ear.

It also expects full-yar sales to have 13.2 trillion yen, 4% higher than its November forecast, on the back of stronger performance in its gaming and music business in the three.

For the December Quarter, the company’s operating income came in at 469.3 billion yen, up 1% from a year before.

Sony – which grew to prominence in the 1980s for its consumer electronics products like the Walkman – Has Extpanded Its Offerings to Include Movies, Music and Gaming CONSOLESOLESOOLESOLESLESOLESLESLESLES LIKE

Operating profit in its gaming business was up 37% in its fiscal third quality, driven by higher sales in network services, hardware and third-party software.

The Company Sold 9.5 Million Units of Its PlayStation 5 Console in the December Quarter, Up from 8.2 Million in the same period a year ago. This brings total lifetime sales of the PS5 to 74.9 Million Units, Based on Sony’s Results for the Most Recent Quarter and Previous Years.

Speaking at Its Results Briefing on Thursday, Sony’s President and Ceo Hirki Totoki Noted The Number of Monthly Active Users Across the PS Platforms in Decumber Rose 5% Ros TS, “The highest number in ps history,

“Total Play Time Also Increased 2% Year-On-Year, Marking the Seventh Consecurable Quarter of Year-On-Yaar Growth,” He Added.

Damian Thong, Head of Japan Equity Research and Senior Research Analyst, Technology Sector, At Macquarie Capital, Said the Company Has Been Looking “Rather Cheer Chera Having Strong Runs, “Naming Nintendo As an example.

He believes Sony’s stock has “some ways” to advance.

Going forward, thong is particularly optimistic on the outlook for Sony’s Gaming Division.

“They have a good slate on the first-party side and significant launches on the third party side, and with cost cuts they made last year, I’m pretty confident they’ll see’i’l see strong in the NEXT FISCAL YEXT FISCAL YERAR He Told CNBC’s Street Signs Asia on Friday.

– CNBC’s Ryan Browne Contributed to this Report.

Correction: A Previous Version of this report missed a Figure when converted from yen to dollars.