Sony Group Corp's stock surged 5.65% on Thursday in the intraday trading session, fueled by the company's impressive fiscal third-quarter earnings and raised full-year outlook.
In its Q3 report, Sony posted a 2.7% year-over-year increase in net profit to 373.74 billion yen ($2.42 billion), exceeding analyst estimates. Revenue grew 18% to 4.410 trillion yen, also beating expectations. The strong performance was primarily driven by robust demand for Sony's gaming products and music offerings.
Following the better-than-expected Q3 results, Sony raised its fiscal 2024 revenue forecast to 13.200 trillion yen, up 1.4% from its previous guidance of 12.710 trillion yen. The company also lifted its operating profit outlook for the gaming segment to 380 billion yen and for the music business to 340 billion yen, reflecting the continued strength of these two segments.
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