Sony Group (TYO: 6758) has reported a strong quarter, rounding out 2024 with good numbers from both gaming and music.
The tech and entertainment giant announced a rise in revenue to JPY4.41 trillion, an 18% jump year-over-year, driven by a rise in PlayStation sales and streaming music revenue.
Sony top-five Q4 2024 music projects were Ateez’s Golden Hour: Part.2, Tyler, The Creator’s Chromakopia, SZA’s SOS, Rod Wave’s Last Lap, and Mylène Farmer’s Nevermore, by respective recorded revenue.
The strongest sector, pulling in JPY1,628 billion (A$17.45 billion), proved to be the gaming and network services division.
This marked a 16% rise, driven by PlayStation 5 sales and growing demand for third-party game software and network services.
For the quarter, Sony sold 9.5 million units of the PlayStation 5 console, a jump from 8.2 million the same time the year before, and brought the total lifetime sales of the PS5 to 74.9 million units.
Sony noted in its earnings call: “We are managing PS5 inventory at an appropriate level, with inventory at the end of December decreasing 46% compared to the same month of the previous year, significantly contributing to an improvement in cash flow.”
The company also raised its fiscal 2024 sales forecast to JPY13.2 trillion, a 4% increase from November, and lifted its annual operating profit outlook by 2% to JPY1.34 trillion.
At the time of writing, Sony Group (TYO: SONY) stock was trading at JPY3,685, up 8.1% from Thursday's close of JPY3,410. The stock reached a day low of $3,356 and a day high of $3.429. Sony Group's market cap stands at approximately Y22.47 trillion (A$233.08 billion).
