"Performance" Sony (6758.JP) Q2 revenue beats expectations, raises operating profit forecast for the current fiscal year

Sony (6758.JP) reported a 5% year-on-year increase in revenue for the second fiscal quarter to JPY 3.108 trillion, with operating profit rising 10% to JPY 429 billion, both exceeding market expectations. At the same time, the company announced a stock buyback of up to JPY 100 billion (USD 648 million).

Sony raised its operating profit forecast for the current fiscal year from the previous estimate of JPY 1.33 trillion to JPY 1.43 trillion, and revenue forecast from JPY 11.7 trillion to JPY 12 trillion, benefiting from strong performance in its imaging solutions and music businesses.

In the last fiscal quarter, Sony's gaming and network services division performed strongly, with sales growing 3.9% year-on-year to JPY 1.113 trillion, while the music division and imaging solutions division saw sales growth of over 20% and 14%, respectively.

Sony's stock price rose nearly 6% in the afternoon