As the pandemic forced people to stay home and to find ways to entertain themselves, some companies benefited from product sales. Take, for example, the Japanese Sony Corp.
The electronics company posted a quarterly profit of 228.4 billion Yen, lower than last year’s 230.9 billion Yen. Still, it beat the 143.21 billion Yen forecasted. 54% of the profit is from the company’s game and network segments. According to Sony, the revenue from the game segment is expected to jump more than 26% to 2.5 trillion Yen in the next 12 months.
The quarterly revenue rose 2.2% to 1.968 billion Yen.
Sony’s subscription service – PlayStation Plus – reached 44.9 million subscribers in Q2, outperforming the 36.2 million expected.
Despite the dip it had yesterday after the report, tables have turned today. The shares are at their highest level in 19 years.
The increase is because Sony prepares to launch the PlayStation 5 game console.
Analysts are optimistic regarding the future of the stocks, with a 9.5% growth forecasted for 2021. Despite being at their highest point in almost two decades, Sony’s stock price opened lower by more than 2%.
Read all about the earnings season on CAPEX.com!
Sources: cnbc.com, finance.yahoo.com, nasdaq.com