TOKYO: Sony’s operating profit jumped 10% in the third quarter, beating estimates, buoyed by the strength of its financial, movies and music businesses.
The Japanese group, which said last year it was examining a partial spin-off of its financial business, said it plans to list Sony Financial Group in October 2025.
Sony added it would retain a stake of just under 20% in the financial business as it focuses on expanding in entertainment and image sensors.
Known as the inventor of the Walkman, Sony has transformed from an electronics manufacturer into an entertainment and tech behemoth spanning movies, music, games and chips.
Its profit over October to December was 463.3 billion yen ($3.08 billion), blowing past an average estimate of 428 billion yen from 11 analysts polled by LSEG.
Sony said it sold 8.2 million PlayStation 5 units in the third quarter, which spans the key year-end shopping season, compared with 7.1 million units a year earlier.
Investors are closely watching the console sales for signs of weakness in momentum.
Sony had said it is targeting PS5 sales of 25 million units this financial year, but had cumulatively sold 16.4 million at end-December.
Operating profit at the games business fell by around a quarter, hit by higher losses from hardware due to promotions and lower sales of first-party titles. Sony said it has sold 10 million copies of “Marvel’s Spider-Man 2”, which launched on Oct. 20, with the company also rolling out a slim version of the console from November to boost sales.
Nintendo last week hiked its full-year Switch forecast to 15.5 million units, from 15 million units previously, as the Kyoto-based company extends the lifecycle of the aging console.
Xbox maker Microsoft is due to share updates on its games business on Thursday.
Sony, Zee clashed over Russia assets, cricket deal before India deal collapse
Sony, a leading maker of image sensors for smartphones, said profit at its chips division rose 18% on higher sales.
TSMC said last week it will build a second fab in Japan in partnership with companies including Sony in a vote of confidence by the leading contract chipmaker in the country.
Last month Sony scrapped plans for a $10 billion merger of its Indian business with Zee Entertainment which would have created a TV juggernaut.
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