Sony shares rise after profit expectations in the fiscal year 2024

Arrows in Sony Group It rose up to 10.7 % on Friday The company raised its revenues and profits Its current financial year ends in March.

The Japanese Technology and Entertainment Group announced on Thursday that it gathered its outlook for annual operating profits to 1.34 trillion yen (876 billion dollars), an increase of 2 % over the previous fiscal year.

It also expects the whole year sales to reach 13.2 trillion yen, and 4 % higher of its forecast in November, against the backdrop of stronger performance in its work in the field of games and music in the third quarter.

For December quarter, the operating company’s income reached 469.3 billion yen, an increase of 1 % over the previous year.

Sony – which has grown to a prominent position in the eighties of the last century of its electronic consumer products such as Walkman – has expanded its shows to include movies, music and gaming devices such as the famous PlayStation.

Operating profits in games business increased by 37 % in the third quarter of money, driven by increasing sales in networks, devices and third -party programs.

The company sold 9.5 million units of the PlayStation 5 console in the quarter -finals of 8.2 million in the same period last year. This brings the total lifelong sales from PS5 to 74.9 million units, based on the results of Sony for the previous quarter and the above.

Speaking in the results of the results on Thursday, Sony and CEO Hiroki Totoki indicated that the number of active monthly users via PS platforms in December is 5 % on an annual basis to reach 129 million accounts, “The highest number in PS history“

“The total playing time increased by 2 % on an annual basis, which represents the seventh quarter in a row on an annual basis,” he added.

Damian Thong, head of arrow research in Japan and senior research analysts, the technology sector, at Macquarie Capital, said the company seems “somewhat cheap over the past few months (with) some peer groups that have strong runs,” Nintendo For example.

He believes that Sony’s share has “some ways” to progress.

To go forward, Thong is particularly optimistic about the future view of the Sony Games Department.

“They have a good list on the first side and important launch on the third party, and with the cost discounts they made last year, I am sure they will see strong growth in games in the coming fiscal year,” he told CNBC’s Street Signs ASIA on Friday.

Ryan Brown of CNBC contributed to this report.