Sony Group Corp's stock surged 5.71% in pre-market trading on Thursday, after the Japanese tech giant reported impressive fiscal third-quarter results that exceeded analyst expectations. The company also raised its full-year outlook, driven by the strong performance of its gaming and music segments.
For the quarter ended December, Sony posted a 2.7% year-over-year increase in net profit to 373.74 billion yen ($2.42 billion), surpassing estimates. Revenue grew 18% to 4.410 trillion yen, also beating expectations. The solid results were fueled by robust demand for Sony's gaming products and music offerings.
Following the strong Q3 performance, 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 segments' continued strength.
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