Sony Fourth Quarter Profits Double, Thanks to Games, Movies and Other Content

The Sony logo is seen on a building in the Manhattan neighborhood of New York, New York, the United States, on January 16, 2019. REUTERS / Carlo Allegri

Sony Corp (6758.T) on Wednesday reported fourth-quarter operating profit of 66.5 billion yen ($ 610.8 million), up from 35.4 billion yen a year earlier, helped by demand games, movies and other content during the COVID-19 pandemic.

The result for the three months to March 31 compared to the average profit of 76.1 billion yen from five analyst estimates compiled by Refinitiv.

The company enjoyed strong demand for its PlayStation 5 game console, games, movies, and other content as people stayed home.

Launched in key markets in November, Sony wants to use the game console to encourage online game downloads and sign-ups for subscription services.

With a greater focus on movies, games and other content, the company is streamlining its consumer electronics business, with plans to close a factory in Malaysia that makes home audio equipment, headphones and other products.

To strengthen its distribution and entertainment content business, Sony announced in December that it had agreed to purchase Crunchyroll, the animation business of AT&T Inc (TN), which earned it 3 million new subscribers. in 200 countries.

Sony announced this month that it has reached an agreement with Walt Disney Co (DIS.N) to offer “Spider-Man” movies and other films on the latter’s streaming service after also signing an agreement with Netflix Inc (NFLX.O) to broadcast its films. Read more

Sony expects profits to fall 4.3% to 930 billion yen this year, compared to the 976.4 billion yen on average of 19 analysts’ estimates, according to data from Refinitiv.

(1 USD = 108.8700 yen)

Our Standards: Thomson Reuters Trust Principles.

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