Sony reported record quarterly revenue of $24.9 billion – Kommersant
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Sony Group completed third quarter of fiscal year 2023 (October-December 2023) with a record revenue: 3.75 trillion yen ($24.9 billion). Compared to the same period of the previous year, revenue growth was 22%. The Japanese company’s net profit for the quarter also increased by 13%, amounting to 363.9 trillion yen ($2.41 billion).
Both key indicators were better than analysts expected. However, the company’s gaming division is not doing as well as Sony management had hoped. The division’s revenue grew 16% year over year, but its operating profit fell 26%. As the report notes, this is primarily due to massive Christmas sales, which led to a drop in revenue from sales of the PlayStation game console, as well as a drop in sales of games developed exclusively for PS5. In addition, Sony worsened its forecast for the number of game consoles sold for the entire 2023 financial year – from 25 million to 21 million. During the reporting quarter, the company sold 8.2 million PS5, and in the nine months of the financial year – 16.4 million.
Separately company announced on the separation of its financial services division into a separate company. It will be formalized through a public offering of shares. The company plans to list about 80% of Sony Financial Group shares. Listing is scheduled for October 2025.
Read more about the computer games market in Russia in the Kommersant FM article. “Citizens spent money on games”.
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