TECH - SONY's Q4 Earnings and Revenues Up Y/Y 2024 Outlook Issued | Benzinga
Sony Group Corporation (NYSE: SONY) reported fiscal fourth-quarter 2023 net income per share (on a GAAP basis) of ¥153.60, which increased from ¥113.89 a year ago. Adjusted net income came in at ¥175.1 billion compared with ¥141 billion in the prior-year quarter.
Quarterly total revenues increased 14% year over year to ¥3,481 billion. The uptick was driven by an increase in revenues in the Game & Network Services (G&NS), Music, Pictures and Imaging & Sensing Solutions (I&SS) segments' sales.
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Segmental Results
In the quarter under review, G&NS sales were up 2.2% year over year to ¥1097.3 billion. Segmental sales increased on the back of positive impacts of the forex movement and higher sales of non-first-party titles. Operating income rose to ¥106 billion from ¥38.9 billion in the prior-year quarter.
Music sales improved 23% year over year to ¥429.9 billion in the fiscal fourth quarter on the back of higher revenues from streaming services, primarily from paid subscriptions, in recorded music and music publishing. Operating income was ¥71.2 billion, up from ¥60.4 billion in the prior-year quarter.
Pictures sales increased 13.3% year over year to ¥406.7 billion, mainly due to an increase in theatrical releases and higher revenues for Crunchyroll. Operating income was ¥30.7 billion compared with ¥15.5 billion a year ago.
ET&S sales totaled ¥532.7 ...