PS5 Leads Sony's Q2 Revenue Growth Despite Profit Dip

Sony reported its second quarter (Q2) financial results for the fiscal year 2023 (FY23), showing a decline in operating profit but an increase in expected full-year revenue.

For Q2 FY23 ended September 30, Sony's overall operating profit fell 29% to 263 billion yen ($1.74 billion) compared to 370.1 billion yen in the same quarter last year. This decline was largely attributed to a 64.3 billion yen drop in operating income for Sony's financial services segment.

Meanwhile, overall Q2 revenues for the conglomerate increased 8% year-on-year to 2.83 trillion yen ($18.5 billion). This growth was driven by solid sales in Sony's gaming division, including 4.9 million PlayStation 5 consoles shipped in Q2, up 1.6 million units compared to a year ago. The latest Spider-Man game also sold 5 million copies globally since its October launch.

However, Sony's imaging and sensor division saw a 37% plunge in profits due to higher expenses and declining demand. The entertainment division also reported a 9% drop in operating income.

For the full fiscal year 2023, ending March 31, Sony raised its revenue forecast by 200 billion yen to 12.4 trillion yen ($82.1 billion), citing expectations of solid performance in its video game, music and imaging businesses. The electronics maker kept its full-year operating profit forecast unchanged at 1.17 trillion yen.

The company also aims to ship a record 25 million PlayStation 5 units in FY23, aided by the launch of a redesigned, slimmer and lighter PS5 model last month. Sony has sold over 46.6 million PS5s globally since the console debuted in 2020.