Sony Q4 profit doubles, helped by gaming, movies and other content

Sony Q4 profit doubles, helped by gaming, movies and other content

TOKYO (Reuters) -Sony Corp on Wednesday submitted a fourth-quarter operating gain of 66.5 billion yen ($610.8 million) compared with 35.4 billion yen a year earlier, aided by demand for gambling, videos, and other articles throughout the COVID-19 pandemic.

The result for the three months to March 31 compared with all the 76.1 billion yen moderate gain in five analyst estimates published by Refinitiv.

The business has benefited from strong demand for the PlayStation 5 console, games, videos, and other material as people stayed home.

Launched in center markets in November, Sony would like to utilize the console to promote online game downloads and sign-ups for subscription providers.

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Since it focuses more on films, games, and other material, the company is streamlining its digital customer company, with plans to shut a mill in Malaysia that produces home audio gear, cans, and other goods.

To beef up its amusement and supply firm, Sony, in December, said it had agreed to purchase AT&T Inc’s cartoon company Crunchyroll, providing it several million new subscribers around 200 nations.

This month, Sony had reached a deal with Walt Disney Co to provide “Spider-Man” films and other movies to the latter’s streaming agency afterward, signing up an agreement with Netflix Inc to flow its films.

Sony’s prediction profit to drop 4.3percent to 930 billion yen this business year, compared to the 976.4 billion yen typical of 19 analyst quotes, Refinitiv statistics revealed.

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($1 = 108.8700 yen)