Sony's CFO Hiroki Totoki Gets More Responsibilities As Company Becomes Content Driven

  • Sony Group Corp SONY promoted its CFO Hiroki Totoki to President and COO, effective April 1, 2023. Totoki will also continue as the CFO.
  • The promotion coincided with Sony's upgradation of annual guidance, forecasting more robust profits for its PlayStation gaming business.
  • Analysts have considered Totoki as the natural successor to Yoshida for their role in Sony's turnaround following years of losses in its consumer electronics business, Financial Times reports.
  • Sony's profits mainly came from content, including games, films, and music, with the original electronics business accounting for less than 20% of operating profits in FY21.
  • Yoshida also focused on electric vehicles via a joint venture with Honda Motor Company, Ltd HMC
  • Analysts say Sony can sell its sensor business and in-car software platform into the global market for EVs lest its EV aspirations fail to take off.
  • Yoshida said the company needed to strengthen its management structure and allocate its capital more efficiently as Sony navigates U.S.-China tensions amid rapid changes in the global tech industry.
  • Sony expected an FY23 operating profit of ¥1.18 trillion ($9.1 billion), up 2% from its forecast in November, courtesy of the recent strengthening in the yen as a boost for its gaming division. 
  • Quarterly revenue increased 13% as sales of PlayStation 5 consoles grew for the holiday quarter as chip supply shortages eased. 
  • Sony increased its forecast for PS5 sales from 18 million to 19 million for FY23 and raised its operating profit guidance for its gaming division by 7%.
  • Price Action: SONY shares traded higher by 5.90% at $94.83 on the last check Thursday.
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