Sony Group logs record net profit for fiscal year 2024

FILE – A Sony logo is seen at the headquarters of Sony Corp. on May 10, 2022, in Tokyo. (AP Photo/Eugene Hoshiko, File)

TOKYO, Japan — Sony Group Corp. on Wednesday posted a record consolidated net profit of 1,141.6 billion yen ($7.7 billion) for fiscal 2024, up 17.6 percent from the preceding year, thanks mainly to the strength of its mainstay gaming business.

Its semiconductor operations were brisk as well, according to the Japanese electronics and entertainment giant.

Sony’s operating profit in the year that ended in March also hit a record high, at 1,407.1 billion yen, up 16.4 percent. Its sales fell 0.5 percent to 12,957 billion yen, due to a drop in financial business revenue.

Sales of the company’s PlayStation 5 home video game console stood at 18.5 million units, topping its target of 18 million units.

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Sony posted growth in subscription service membership, and its smartphone sensor and music businesses were also robust.

Sony expects that the high tariff policy of U.S. President Donald Trump’s administration will squeeze the firm’s operating profit by about 100 billion yen in fiscal 2025.

It plans to spin off subsidiary Sony Financial Group Inc. in October. Compared with the fiscal 2024 earnings excluding the financial business, Sony expects its group sales to fall by 2.9 percent to 11.7 trillion yen and net profit by 12.9 percent to 930 billion yen in the current fiscal year.

READ: Sony reports surge in profit on strong sales of movies, games and music