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Tuesday, October 26, 2021
    Nepal Breaking NewsWorldOn the back of a good first quarter, Sony has raised its...

    On the back of a good first quarter, Sony has raised its yearly profit forecast.

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    Sony raised its full-year earnings prediction on Wednesday, citing a solid quarterly performance, despite game industry’s global boom slowing.

    Japanese entertainment and consumer electronics behemoth now expects a net profit 700 billion yen ($6.4 billion) for fiscal year ending March 2022, up from 660 billion yen previously forecast.

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    In first quarter, the company claimed strong profitability in its music and electronic products divisions offset a drop in operating profit in the gaming area.

    Net profit increased 9.4% year on year to 211.8 billion yen in three months ending in June. After a 15.0 percent increase in first-quarter sales to 2.26 trillion yen, Sony kept its year sales projection at 9.7 trillion yen.

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    Despite the fact that Covid-19 had a significant impact on numerous industries, the gaming industry was one the few to prosper, with demand skyrocketing as consumers sought distractions during lengthy times at home.

    Sony recorded its highest-ever yearly net profit in the previous fiscal year, more than doubling to 1.17 trillion yen on record sales 8.99 trillion yen.

    “Sony had a solid year last year as lockdown demand drove software sales,” said Hideki Yasuda, a Tokyo-based analyst at Ace Institute.

    Despite the development the Delta variety, Yasuda told AFP, “demand is dramatically falling this year,” as immunizations enable life return to normalcy.

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