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Sony TV Sales Tank Audio & Console Revenue Up

Sony Group has posted a net profit of US $6.2 billion which is down 3.5% on the prior year with their TV business slumping by A$163M during the past 12 months.

The business was dragged down with reduced revenues in their financial business along with its imaging and sensing solutions business with Samsung taking market share in the camera sensor and TV markets.

The Japanese company’s overall sales increased 18.6% operating profit dropped by 45%.

In the TV market sales fell from US$733.2M to $624M.In the audio market sales increased by $US$20M from 391M to $412M.

Sales in their Game & Network Services division, which includes PlayStation, climbed by 17% year-on-year to US$27.5 billion, while operating income rose 16% to US$1.9 billion.

Sony managed to ship 20.8 million PlayStation 5 units throughout the fiscal year.

This was an improvement on the 19.1 million managed in the previous year but fell slightly short of its 21 million targets.

Profits in Sony’s imaging and sensing solutions operations fell by 8.8%. The decline in the latter was due to factors including increased depreciation expenses and costs associated with the launch of the mass production of new image sensors for mobile products.

For the fiscal year ending March 2025, the company has forecast a 4.7% profit-decline with TV sales tipped to fall even further with speculation that the Company will eventually get out of the display market.

Games and music, the conglomerate’s two biggest segments in terms of profits, are both expected to rack up an increase in operating profits in fiscal 2024. It also expects image sensor sales and profits to return to growth.

At a news conference on Tuesday, President Hiroki Totoki declined to confirm media reports that Sony Pictures Entertainment (SPE) has proposed an acquisition of Paramount Global for $26 billion with U.S. investment fund Apollo Global Management.

Nikki Asia reports that the group’s new midterm management plan, which covers the period from fiscal 2024 to 2026 for all operations apart from its financial business, it allocated 1.8 trillion yen for strategic investments including share buybacks and that could include a bid for Paramount which could immediately come under review by Federal US officials.

Totoki said that SPE is central to Sony Group’s core strategy of creating synergies based on intellectual property (IP) in games, music and films. “It is natural to consider good opportunities in this area, given appropriate value and investment returns can be expected,” he said.

Sony announced that it would invest up to 250 billion yen in share buybacks in the period starting this month and running through May 2025. The company also said it would carry out a five-for-one stock split to boost its investor base.

Sony Group stock surged its most in about 18 months after the results were announced with games like Helldivers 2 helping lift net income past estimates in the last quarter ending in March 2024.

Currently shares are up 10%.

This was despite their revenue outlook not hitting estimates, and signs of waning demand for PlayStation 5 hardware.

Sony is also rethinking its joint bid with Apollo Global Management for Paramount Global.

So far the Japanese business has yet to sign a nondisclosure agreement.

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