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Sony Corporation (NYSE: SNE) beat consensus in the fiscal second-quarter 2020 on Wednesday. Diluted earnings per share of ¥367.82 (approximately $3.52) beat consensus by ¥288.44, and revenue of ¥2.11 trillion (roughly $20 billion) beat consensus by ¥185 billion.
Key FQ2 Highlights: Revenues from Game & Network Services segment grew 11.5% year-over-year to ¥506.64 billion, Music segment increased 5.3% YoY to ¥230.87 billion, Electronic products & solutions segment rose 2.3% YoY to ¥504.66 billion, and Pictures segment fell 26.2% YoY to ¥192.3 billion.
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Costs and expenses fell 2.57% YoY, spurred by a 7.2% fall in Selling, General, and Administrative Expenses.
Operating profit rose 13.9% YoY to ¥317.7 billion.
Outlook: The company raised the annual 2020 revenue forecast to ¥8.5 trillion, 2.4% higher than the August forecast due to better performance from Game & Network Servies, Music, and Financial Servies segments.
The company anticipates a positive impact from PlayStation Plus and the upcoming PlayStation 5 launch.
Operating income outlook was revised upwards by 12.9% to ¥700 billion based on strong operating performance from all segments except Imaging and Sensing Solutions.
Sony hiked net income guidance by 56.9% to ¥800 billion (from August estimate of ¥510 billion), citing higher EBIT expectations and tax benefits.
Price Action: SNE shares are trading 4.1% higher to $80.60 in the pre-market session on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.