Sony’s net income for April–September fell 23.1% to $2.76 billion

Sales revenues increase by 19.3%, and Sony increases its full-year net profit goal for the fiscal year 2023.

Sony Group, a maker of electronics, revealed on Friday that its net profits for the April–September period decreased by 23.1% to 417.6 billion yen ($2.76 billion).

From April to September, net profits came to $2.76 billion, a 23.1% decrease from the same time last year. Operating profits decreased by 29.7% to 516 billion yen ($3.4 billion) while sales income increased by 19.3% to 5.79 trillion yen ($38.3 billion).

After establishing a 25 million unit yearly sales target for the PlayStation 5, the Japanese corporation sold 8.2 million units in the first half of the year, or roughly one-third of the total.

Sony President Hiroki Totoki stressed in a statement that the November and December holiday seasons will be crucial, calling the 25 million unit objective ambitious and difficult to achieve.

Sony reported net profits of 937.1 billion yen ($7 billion) for the fiscal year 2022, a 6.2% increase over the fiscal year 2021.

The annual net profit goal was increased.

Sony stated that the $5.8 billion comprehensive net earnings estimate for the fiscal year 2023, which ends in March 2024, has been increased.

The demand for consoles, video game, music, and sensor sales, as well as the benefit of the Japanese yen’s devaluation against other currencies, are likely to drive up the predicted profit margin.