Beyoncé's 'Cowboy Carter' Album and Gaming Boosts Sony's Revenue in It's Fiscal First Quarter
Sony reported operating profit of nearly $2 billion in the fiscal first quarter, up 10% year over year and beating analyst expectations. Music revenues grew 23%, thanks to new album releases like Beyoncé's "Cowboy Carter" boosting recorded music sales. Revenues from gaming increased 12%, driven by strong sales of PlayStation games and network services. While PlayStation 5 hardware sales fell year-over-year, software/network revenues increased as gamers engaged more with subscriptions and digital downloads. Shares of Sony closed flat as investors weighed the strong results against a recent downturn in Japanese markets.
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00:00It's Benzinga, and here's what's on the block.
00:02Sony reported operating profit of nearly $2 billion in the fiscal first quarter, up 10%
00:07year-over-year and beating analysts' expectations.
00:10Music revenues grew 23% thanks to new album releases like Beyonce's Cowboy Carter, boosting
00:16recorded music sales.
00:18Revenues from gaming increased 12% driven by strong sales of PlayStation games and network
00:22services.
00:23While PlayStation 5 hardware sales fell year-over-year, software and network revenues increased as
00:28gamers engaged more with subscriptions and digital downloads.
00:32Shares of Sony closed flat as investors weighed the strong results against a recent downturn
00:36in Japanese markets.
00:37For all things money, visit Benzinga.com.