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Media & Entertainment

Sony raises full-year forecast as gaming thrives under COVID

Japanese conglomerate expects net profit to grow 37% to $7.6bn

Sony Executive Deputy President and Chief Financial Officer Hiroki Totoki speaks at an online press conference on Oct. 28. (Screenshot from Sony's website) 

Key points from Sony's results

  • Gaming sales up 22% in first six months
  • Net profit doubles during first half of fiscal year
  • US crackdown on Huawei puts image sensor business under pressure
  • Hope of strong debut for PlayStation 5 console next month

TOKYO -- Sony said it expects full-year net profit to grow 37% after a strong second quarter, improving from its previous forecast of a slight decline, as pandemic-related demand boosted gaming revenue.

On Wednesday, the Japanese conglomerate said it now expects net profit to increase to 800 billion yen ($7.6 billion) for the fiscal year through March 2021, supported by a 3% jump in revenue to 8.5 trillion yen. Sony had previously forecast that revenue would increase just 0.5% to 8.3 trillion yen and that net profit would decline 12% to 510 billion yen.

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