. Military Space News .
TRADE WARS
Sony first-half net profit doubles, forecast revised up
by Staff Writers
Tokyo (AFP) Oct 28, 2020

Sony on Wednesday said net profit doubled in the April-September period and revised up its full-year forecast, citing growth in key sectors including gaming, which has been boosted by coronavirus lockdowns worldwide.

The results beat analyst expectations and came as the Japanese tech giant gears up to launch its much-anticipated PlayStation 5 console next month, setting up a holiday season head-to-head with the new Xbox.

The gaming sector has been one of the few beneficiaries of the pandemic, with people forced indoors sending title downloads and streaming soaring.

Sony said net profit leaped 103.8 percent to 692.89 billion yen ($6.65 billion) for the first half, and forecast annual net profits of 800 billion yen -- up from an earlier 510 billion yen forecast.

The first-half results were due in part to financial factors, including positive tax benefits, but also reflected a strong performance in games and network services, music streaming and financial services.

"Enhanced restrictions on exports to China by the US government are negatively impacting our business in the imaging and sensing sector, while our gaming segment is benefiting from demand for stay-at-home activities," Sony's Chief Financial Officer Hiroko Totoki told reporters.

Game-playing hours among PlayStation users peaked in April, but demand for games "will continue through the last half of the year", he added.

Strong performance in the game and music sectors also drove the upwards revision in the full-year net profit forecast, with Sony saying it was seeing "higher-than-expected sales of games software, primarily add-on content" and an increase in music-streaming revenues.

It was not all good news, however, with decreasing sales of sensors for mobile products only partially offset by an increase in sales of sensors for digital cameras.

- Console wars -

The firm's movie unit has also struggled as the pandemic keeps cinemas around the world shuttered and delays new releases.

"There are signs of recovery, but theatres are still closed in major US cities," Totoki said.

"It's possible revenue recovery will be delayed because of fierce competition caused by busy movie release schedules even after movie theatres reopen."

Analysts said the pandemic was having a varied impact on the different segments that make up Sony's business.

"The impact of the coronavirus on Sony's entire business was smaller than expected but is still weighing on Sony's earnings," Hideki Yasuda, an analyst at Ace Research Institute in Tokyo, told AFP.

"Image sensors continued contributing to its entire earnings in the first half. But US sanctions against Huawei are likely to affect shipments of image sensors for Huawei's smartphones in the future," he said.

Sony has high hopes for its eagerly-awaited new console, which launches from November 12 -- two days after Microsoft's rival next-gen Xbox Series X.

The PS4 has outsold the Xbox One by more than two to one, and Sony is hoping new games including "Final Fantasy XVI", "Hogwarts Legacy" and "Spider-Man Morales" will help it stay in the lead.

Expectations for the PS5 are extremely high, Yasuda said, warning that disappointment could affect share prices.

"Whether PS5 will be a success or not will have a great impact on Sony's entire business... but we need to confirm how strong the demand for PS5 will be. That has yet to be seen," he said.

nf-sah/kaf/rma

SONY


Related Links
Global Trade News


Thanks for being here;
We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor
$5 Billed Once


credit card or paypal
SpaceMediaNetwork Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
Asia markets drop after virus woes hammer Wall St, Europe
Hong Kong (AFP) Oct 27, 2020
Asian markets fell Tuesday following a sharp sell-off in New York and Europe that was fuelled by fears a coronavirus resurgence will force fresh economically painful containment measures. Traders have also given up almost any hope for a new US stimulus package being passed before next Tuesday's election, with Democrats and Republicans blaming each other, though there are still expectations a new deal will be agreed afterwards. The need for a big-spending rescue for hard-hit Americans is being hi ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Lockheed Martin poised to deliver on national priority for Homeland Defense

U.S. approves sale of missile defense system to Romania

Turkey plans live-fire exercise, missile defense tests

US Space Force contracts for 8 missile early warning satellites

TRADE WARS
Boeing, U.S. Navy to develop long-range strike missile demonstrator

China's H-6N bomber spotted armed with new hypersonic cruise missile

USS Zumwalt successfully conducts first missile test

Risking sanctions, Turkey test-fires Russian-made S-400 air defense system

TRADE WARS
DARPA project strives for off-road unmanned vehicles that react like humans

Skyvision team wins AUVSI XCELLENCE award

Boeing to build unmanned aerial vehicles in Australia

Turkey, Iran deploy 'game-changing' drones in north Iraq

TRADE WARS
Optimum Technologies to providce Northrop Grumman with protected tactical satcom payload structures

Air Force 'Orange Flag' exercise tests data transfers in combat

WGS-11+ Satellite Completes Preliminary Design Review

Defense Dept. awards $600M in contracts for 5G testing at five bases

TRADE WARS
Senators call for pause to Army's new Combat Fitness Test

Ribbon cutting marks opening of new lab at Wright-Patterson Air Force Base

U.S. Army formally reactivates storied V Corps

Marine Lt. Col. Michael Regner relieved of command after July training accident

TRADE WARS
Ten allies meet NATO target for defence spending

Sweden to ramp up defence spending by 40 pct

House bill would reinforce Israel's 'qualitative military edge'

Japan's military seeks record $52 bn budget

TRADE WARS
China and Vatican renew historic deal on bishops

Pompeo to ask China partner Sri Lanka to make 'difficult' choices

Pompeo to raise China concerns on Asia tour

India returns detained Chinese soldier: China

TRADE WARS
Rice rolls out next-gen nanocars

Scientists explain the paradox of quantum forces in nanodevices

Nano particles for healthy tissue

Hybrid nanomaterials hold promise for improved ceramic composites









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.