Despite operating in diverse industries such as music and semiconductors, Sony maintained its profit forecast of 1.31 trillion yen (approximately $8.51 billion) for the fiscal year concluding in March. This projection closely aligns with the 1.34 trillion yen estimate provided by a consensus of 24 analysts surveyed by LSEG.
In the second quarter, Sony's operating profit jumped to 455.1 billion yen, up from 263 billion yen the previous year, bolstered by strong sales of image sensors.
In addition to an increase in third-party software sales, Sony President Hiroki Totoki emphasized the improved profitability of its gaming hardware segment.
"We are witnessing a smooth transition among consumers from PS4 to PS5, which is contributing to increased software sales," Totoki remarked during an earnings briefing.
The gaming and network services segment accounts for over a third of Sony's total revenue, with profits nearly tripling to 138.8 billion yen in the quarter. The company launched an enhanced version of its flagship console featuring improved graphics on November 7.
Sony has raised its annual profit forecast for the gaming sector to 355 billion yen from 320 billion yen, prompting a slight upward adjustment of its overall annual revenue forecast to 12.71 trillion yen.
Despite a 22% decline in PlayStation 5 sales from the second quarter of 2023, totaling 3.8 million units, Sony has maintained its sales target of 18 million units for the current financial year.
The gaming sector is experiencing increasing development costs, and last month, Sony announced the closure of two PlayStation development studios, including Firework Studios, which released the game "Concord" in August.
In the film sector, Sony reported a profit of 185 billion yen for the quarter, a decrease from 294 billion yen a year earlier, attributed to postponed movie releases following Hollywood's strikes in 2023.