Sony raised its profit and revenue outlook on Thursday on expectations of sustained games and music sales, helped by its yearslong spending spree on content.
The Tokyo-based entertainment and technology company lifted its annual net income forecast by 10% to ¥1.08 trillion ($7 billion), just above analyst estimates. The outlook rise came after its income rose 2.7%, while analysts on average had expected a double-digit decline due to sluggish demand for Sony’s image sensors for smartphones.
Sony has prioritized acquiring more content and intellectual property rights at a time when the company’s hardware efforts are stagnating. The PlayStation 5, now in its fifth year on the market, is on the decline while Sony’s smartphone camera sensors unit is grappling with a protracted market funk.
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