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Sony Raises Earnings Guidance on Strength in Game, Music Businesses

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The Japanese entertainment and electronics company raised its annual earnings projections after its third-quarter net profit rose on strength in its game and music businesses.
Sony Group Corp. has raised its full-year earnings forecast for the fiscal year ending March 2024, driven by robust performances in its gaming and music divisions. The company now expects a net profit of 880 billion yen ($6.1 billion), up from the previous estimate of 860 billion yen. This adjustment comes despite a challenging economic environment, with Sony's gaming sector benefiting from strong sales of the PlayStation 5, which has seen a significant increase in demand. Additionally, Sony's music business has thrived due to growth in streaming services and a recovery in live music events. However, the company also noted weaker performance in its financial services and imaging and sensing solutions segments, which slightly offset the gains from entertainment sectors.

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[ https://www.msn.com/en-us/money/economy/sony-raises-earnings-guidance-on-strength-in-game-music-businesses/ar-AA1yX4Rb ]