Market News

Sony Raises Earnings Outlook for FY23

Sony Corp. (NYSE: SONY) reported its fiscal Q3 results on Thursday with earnings of ¥263.89 versus ¥276.65 in the same period last year. Sales increased by 12.5% year-over-year to ¥3,031.3 billion.

Looking forward, management lowered its outlook when it comes to revenues for FY23 and now expects it to be ¥11.5 trillion versus its prior estimate of ¥11.6 trillion while raising its net income outlook to ¥870 billion from ¥840 billion. The consumer electronics giant upped its sales target for the PlayStation 5 gaming consoles to 19 million units for the year to March.

Sony also announced some management changes and stated that its current CFO, Hiroki Totoki, would become President and COO from April 1 but will continue his current role. Meanwhile, Kenichiro Yoshida will continue to be the Chairman and CEO of the company.

SONY stock has not fared well this year and has gone down by 20.2% this past year.

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