Sony Net Profit Dips On-year But Beats Estimate

Umer Jamshaid Published May 14, 2024 | 02:40 PM

Tokyo, (UrduPoint / Pakistan Point News - 14th May, 2024) Sony said Tuesday that annual net profit dipped 3.5 percent on-year but beat its forecast as takings in games and music offset losses in the financial and chip sectors.

The entertainment and electronics behemoth has been in the spotlight after reports said it was working with Apollo Global Management on a potential joint bid for US film and television giant Paramount Global.

The Japanese company has declined to comment on the reports, which cited anonymous sources saying Sony and Apollo have made a $26 billion proposal to buy Paramount, the owner of CBS, Comedy Central and MTV.

Such a takeover could strengthen Sony's massive movie sector behind the mega-grossing "Spider-Man" films, including the Oscar-nominated "Across the Spider-Verse".

On Tuesday, Sony logged a net profit of 970.6 billion Yen ($6.2 billion) for 2023-24, beating the company's forecast of 920 billion yen.

Sony said it had enjoyed "significant increases in sales" in its game and music sectors, boosted by the weaker yen.

Revenue was also up for sensors -- used in iPhone cameras -- and financial services, although operating income decreased in these segments.

For the current financial year, Sony forecast net profits of 925 billion yen.