Sony earnings Q2 2024: Operating profit jumps 69%

Sony reported a big jump in operating profit Thursday, smashing analyst expectations, and raised its sales guidance for the full year.

Here’s how the company did in the September quarter, versus LSEG consensus estimates:

• Revenue: 2.97 trillion Japanese yen ($19.4 billion), versus 3.03 trillion yen expected. That was up 9% and slightly below analyst expectations.
• Operating profit: 445.1 billion yen ($2.91 billion), versus 336.07 billion yen expected. That’s up 69% year-over-year and beats expectations.

That came as Sony saw strength in its game and network services division, which houses its popular PlayStation home console brand. Game and network services revenue at the company came in at 1 trillion yen, up 11% year-over-year.

The Japanese tech giant revised its fiscal year 2025 revenue target up slightly to 12.7 trillion yen. It previously targeted 12.6 billion yen of sales.

Last quarter, Sony reported a 10% in operating profit, as the electronics giant’s performance was boosted by the release of R&B singer Beyonce’s “Cowboy Carter” album.

Sony’s gaming division has held up well thanks to a shift to digital game purchases and the PlayStation Plus subscription service. However, hardware shipments have proven lackluster amid a weak console market beset by a lack of hyped up triple-A games.

Analysts expect things to improve next year for the gaming sector, though — not least thanks to the anticipated launch of a next-generation Nintendo Switch model and the release of Grand Theft Auto VI.

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