Sony predicts its profit might trip for around 4.3% to 930 billion this business year. In comparison, Refinitiv data shows that analyst estimates the company to generate around 976.4 billion yen.
Along with the reportage, Sony Group Corp added that the company is planning to buy back its own shares as plan B. Bloomberg reported that the Japanese company will buy back up to 200 billion yen ($1.8 billion).
Sony: yearly results, an overview
High demand in gaming, movies and music during the pandemic benefitted Sony. Quoted from Bloomberg, Sony’s operating profit in the March quarter reached 66.5 billion. The number slightly falters behind the analysts’ estimation at 74 billion yen. Sony generated the profit through 3.3 million of PlayStation 5 sales in the period. This tallies for 7.8 million for the fiscal year. Additionally, Sony reported a 971.9 billion yen in its operating income for the year.
Sony noted new highs of subscribers in its PlayStation Plus service. Market Trackers like Japan’s Famitsu also reported that PlayStation 4 games are likely still Sony’s gaming revenue breadwinner.
An analyst at Ace Research Institute, Hideki Yasuda, commented, “Revenue from the PlayStation business as well as the music segment’s smartphone games missed a consensus of analysts who thought the stay-at-home demand would have propelled these business more.”
This, however, is expected to end soon as the company struggles with components shortage. The shortage interfered with the production of its latest console which launched back in November.
In regard to this, CFO Hiroki Totoki said that the company aims to leverage sales of PlayStation 5 to over 14.8 million units in the current year. Though the company will likely still struggle with the production block, Totoki warned.
Read also: Fortune Selling Toys: Chinese Millennial Has $3.2 Billion
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