Thanks to its film and TV arm, Sony's profits climb, despite a slowdown in games revenue.
Corp. revealed JPY2.31 trillion of revenue in the three months between April and June, representing the first quarter of its financial year. Group profits JPY218 billion in the quarter were. These were modest increases of 2% and 3% respectively in local currency terms.
At the end of June the US Dollar was equivalent to 129.4 Japanese Yen. A year earlier the exchange rate was USD1=JPY109.5. At the time of writing the rate is USD1=JPY132. Sony said that on a constant currency basis, its revenue figures would have shown a 7% decrease. The games division saw sales shade fractionally lower to JPY604 billion , despite JPY58 billion of currency benefits. Profitability at the unit fell steeply from JPY83 billion in the equivalent quarter last year to JPY52.8 billion.Inc., a U.S. video game developer. It confirmed that the purchase cost $3.7 billion, including working capital adjustments, the purchase price and employee incentives.
The music segment results were lifted by the impact of currencies, higher sales of recorded music and music publishing from paid subscription streaming services, success with several new release titles and the recovery of live performance and merchandise sales. Top three recorded music projects in the quarter were Harry Styles’ “Harry’s House,” Future’s “I Never Liked You” and Doja Cat’s “Planet Her.
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