Sony Q3 Profit Up 22%, Raises Full-Year Outlook

Sony Group Corporation reported a robust 22 percent increase in operating profit for its fiscal third quarter on Thursday, surpassing analyst expectations and prompting the company to raise its full-year outlook. The Tokyo-based electronics and entertainment giant announced the results for the October-to-December period, which ended December 31, highlighting strength in its music and gaming software segments despite a decline in PlayStation 5 console sales.

Operating profit reached 515 billion yen, or about $3.3 billion, exceeding the average estimate of 469 billion yen from 10 analysts compiled by LSEG. Total sales for the quarter rose slightly by 1 percent to 3.713 trillion yen, or $24.1 billion. Net income climbed 11 percent to 377.3 billion yen, or $2.5 billion. The gains were partly driven by a 43.9 billion yen realized gain from transferring land to Sony Life Insurance in connection with its spinoff.

Sony attributed the strong performance to its music business, leading it to increase its full-year operating profit forecast by 8 percent to 1.54 trillion yen and raise annual revenue projections by 3 percent to 12.3 trillion yen. The company maintained its estimate of 50...