Sony reports wary forecast as supply chain disruptions dip net profit
Category: #business |   By Pankaj Singh |   Date: 2022-05-11

Sony reports wary forecast as supply chain disruptions dip net profit

Despite Sony Group Corporation reporting excellent sales in the financial year 2021-2022 given the strong results in electronics, movies, and music, the Japanese conglomerate is cautious about the forecast as the supply chain disruption continues to impact its net profit.

Sony’s net profit slumped to 14% as compared to the previous financial year which saw an unprecedented gaming boom during the lockdown. However, this year’s net profit plunge was balanced through other entertainment sources, especially with ‘Spider-Man: No Way Home’ surpassed ‘Avatar’ as the third highest-grossing movie in North America.

While the demand for smartphone cameras’ sensors continues to soar, Sony Music managed to score a winner with Adele’s latest album “30”. Sources with relevant information stated that the Japanese conglomerate recorded USD 76 billion worth of full-year sales in FY 2021-22, as well as a net profit of nearly USD 6 billion.

In FY 2020-21, Sony logged the highest net profit, partly because of tax gains and the booming gaming sector during COVID-19 lockdowns. Sony claimed that the 10% increase in sales during FY 2020-21 was mainly because of significant increases in sales of electronic products, pictures, and music segments.

It is worth noting that Sony benefited from a recent dip in the yen against the U.S. dollar, with the Japanese currency hitting the lowest point in 20 years against the greenback. Sources claimed that the conglomerate giant has considerable international sales which expand as the yen slumps.

Sony experienced favorable business environments in sectors such as movies and music which balanced out the weaker performances in other sectors. For the financial year 2022-23, Sony projected net profits to dip by 6% to around USD 6 billion whereas sales are expected to rise by 15% to USD 87 billion.

Source Credits:

https://techxplore.com/news/2022-05-sony-full-year-sales-net-profit.html

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Pankaj Singh     Twitter

Pankaj Singh

With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with Read more...

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