Sony reported its financial results for the fourth quarter of December 2023. Overall, there was a 22% increase in revenue compared to the same period last year, reaching 3.75 trillion yen. Net profit also increased by 13% to 364 billion yen. This growth was primarily driven by the financial, gaming, and image sensor technology businesses.
Sony’s gaming business generated revenue of 1.44 trillion yen, up 16%. The main factor behind this increase was the sales of non-first-party games. However, profits from the gaming operations decreased by 26% to 86.1 billion yen due to PS5 promotions and a decline in first-party game sales. In the past quarter, PS5 sales increased by an additional 8.2 million units.
As a result of the gaming business operations, Sony adjusted its financial forecast for the fiscal year 2023 (ending March 2024). The revenue was revised downward by 210 billion yen to 4.15 trillion yen. The sales of PS5 were also reduced from 25 million units to 21 million units.
Other noteworthy businesses for Sony include the image sensor technology business, which saw a 21% increase in revenue due to increased orders. Additionally, the financial business recorded a revenue increase of 1,100% to 312 billion yen, driven by the insurance business. Sony plans to separate this business and list it as Sony Financial Group by 2025.
TLDR: Sony’s overall revenue for the fourth quarter of December 2023 increased by 22% to 3.75 trillion yen. The gaming business saw a 16% revenue growth, while profits decreased due to promotional activities and declining first-party game sales. Sony adjusted its financial forecast for the fiscal year 2023, with a reduction in revenue and PS5 sales. The image sensor technology and financial businesses also delivered positive results.
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