Sony Group Corp

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Sony logs record full-year sales but keeps forecast cautious

Hiroshi HIYAMA, Mathias CENA
Tue, May 10, 2022, 1:47 PM

Sony on Tuesday reported its best-ever sales in the financial year to March thanks to strong results in movies, electronics and music, but offered a cautious forecast as supply chain disruption continues.

A lockdown-fuelled gaming boom has slowed, and the Japanese giant saw net profit dip 14 percent from the previous year's record high.

But that was offset in part by strong showings from other entertainment sectors, with "Spider-Man: No Way Home" overtaking "Avatar" as North America's third-highest-grossing film ever.

Demand for sensors used in smartphone cameras has also continued to soar, and Sony Music scored a winner with Adele's latest album "30".

The conglomerate reported full-year sales for 2021-22 of 9.9 trillion yen ($76 billion) and net profit of 882 billion yen.

In 2020-21, Sony logged a record net profit of more than a trillion yen, partly thanks to tax gains and the explosion of gaming during Covid-19 lockdowns.

The 10 percent increase in sales from 8.99 trillion yen in 2020-21 "was mainly due to significant increases in sales in the pictures, electronics products and solutions and music segments", Sony said.

Sony has benefited from a recent slide in the yen against the dollar, with the Japanese currency hitting 20-year lows against the greenback this year.

"Sony has sizable international sales, which expand when the yen depreciates," Hideki Yasuda, senior analyst at Toyo Securities, told AFP before the earnings release.

It also saw favourable business environments for sectors including music and movies balance out weaker performances elsewhere.

"Sony is really turning into a content company now, from its previous status as an electronics manufacturer," said Yasuda.

For the year to March 2023, Sony offered cautious forecasts, with net profit projected to slip six percent to 830 billion yen, though sales are expected to rise 15 percent to 11.4 trillion yen.

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