PlayStation 5 Maker Sony Clocks 15% Revenue Growth, Sells 2.3M PS5 In Q1, Updates FY21 Outlook

  • Sony Group Corp SONY reported first-quarter FY21 sales growth of 15% year-on-year to ¥2.26 trillion.
  • Revenue from Game & Network Services (G&NS) rose 9.7% Y/Y to ¥615.8 billion, Music increased 77.8% Y/Y to ¥254.9 billion, Pictures climbed 29.6% Y/Y to ¥204.7 billion, Electronics Products & Solutions (EP&S) grew 214.9% Y/Y to ¥576.3 billion, Imaging & Sensing Solutions (I&SS) rose 11.9% Y/Y to ¥218.1 billion, and Financial Services declined 25.9% Y/Y to ¥414.4 billion.
  • All Other sales decreased 3.3% Y/Y to ¥22 billion.
  • Sony sold 2.3 million PS5 units in Q1, down 30% compared to Q4, 0.5 million PS4 units, and 2.2 million TVs up 47% Y/Y.
  • The gross margin contracted 187 bps to 44.7%, while the operating margin expanded by 111 bps to 12.4%.
  • EPS of ¥169.22 increased 8.9% Y/Y. Net income of ¥213.12 billion grew 4.35% Y/Y.
  • Sony generated ¥198.7 billion in operating cash flow and held ¥2.1 trillion in cash and equivalents.
  • Outlook: Sony sees FY21 sales of ¥9.7 trillion. It raised the operating income guidance to ¥980 billion from ¥930 billion earlier.
  • Sony reduced the operating cash flow guidance to ¥890 billion from ¥910 billion, but it raised the net income guidance to ¥700 billion from ¥660 billion.
  • Price action: SONY shares traded higher by 0.39% at $104.08 in the premarket session on the last check Wednesday.
  • Photo by Marco Verch via Flickr
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceTechBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!