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Sony First-Half Net Profit Doubles, Forecast Revised Up

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Key Points

  • Japan’s Sony on Wednesday reported net profit doubled in the April-September period and revised up its full-year net profit forecast, citing growth in key sectors—including gaming—and financial factors.
  • Sony said net profit soared 103.8 percent to 692.89 billion yen ($6.65 billion) for the first half and forecast annual net profits of 800 billion yen, up from an earlier 510 billion yen forecast.
  • But it was not all good news, with the firm’s movie unit continuing to struggle as the pandemic keeps theatres around the world shuttered and delays new releases.
  • Visit The Financial Today’s homepage for more stories.

TOKYO — Japan’s Sony on Wednesday reported net profit doubled in the April-September period and revised up its full-year net profit forecast, citing growth in key sectors—including gaming—and financial factors.

The results beat analyst expectations and came as the tech giant gearing up to launch its much-anticipated PlayStation 5 console next month, setting up a holiday season head-to-head with the new Xbox.

The gaming sector has been one of the few beneficiaries of the coronavirus pandemic, with people around the world forced indoors by lockdowns increasingly turning to gaming, with title downloads and streaming soaring.

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