Sony’s profit surges on healthy film, game, music growth

Sony’s fiscal fourth quarter surged 67% to 111.1 billion yen ($852.7 million) from the previous year, as the Japanese entertainment and electronics company racked up profits in video game and movie divisions.

Tokyo-based Sony Corp.’s January-March quarterly sales edged up 1% to 2.26 trillion yen ($17 billion), as its music operations also did well, boosted by the popularity of streaming services, the company said Tuesday.

For the full fiscal year ended in March, Sony racked up a profit of 882 billion yen ($6.8 billion), down 14% despite the success of “Spider-Man: No Way Home,” which contributed to theatrical revenue.

Sales in its TV division also grew from the licensing income of “Seinfeld” and other titles, Sony said. Sony CFO Hiroki Totoki told reporters income from movie theaters was returning lately to levels recorded prior to the coronavirus pandemic, which brought on restrictions around the world to curb the spread of infections.

By reshaping its product lineup, profits improved in TVs and digital cameras, overcoming supply challenges that came from disruptions brought on by COVID-19, Totoki said.