- Masood hits first ton for four years to power Pakistan to 233-1
- Fritz wins delayed match to reach Shanghai Masters third round
- Naomi Osaka pulls out of Japan Open with back injury
- Weather may delay launch of mission to study deflected asteroid
- China to flesh out economic stimulus plans after bumper rally
- Artist Marina Abramovic hopes first China show offers tech respite
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- Pakistan 122-1 at lunch in first England Test
- Kazakhs approve plan for first nuclear power plant
- World marks anniversary of Oct. 7 attack on Israel
- 'Second family': tennis stars hunt winning formula with new coaches
- Philippines, South Korea agree to deepen maritime cooperation
- Mexico mayor murdered days after taking office
- Sardinia's sheep farmers battle bluetongue as climate warms
- Japan govt admits doctoring 'untidy' cabinet photo
- Israel marks first anniversary of Hamas's October 7 attack
- Darvish tames Ohtani as Padres thrash Dodgers
- Asian markets track Wall St rally on jobs data
- Family affair as LeBron, Bronny James make Lakers bow
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- As Great Salt Lake dries, Utah Republicans pardon Trump climate skepticism
- Amazon activist warns of 'critical situation' ahead of UN forum
- Mourners pay tribute to latest victims of deadly Channel crossing
- Tunisia incumbent Saied set to win presidential vote: exit polls
- Phillies win thriller to level Mets series
- Yu bags first PGA Tour win with playoff win
- PSG held by Nice to leave Monaco clear at top of Ligue 1
- AC Milan fall at Fiorentina after De Gea's penalty heroics
- Lewandowski treble for leaders Barca as Atletico held
- Fresh Israeli strikes hit south Beirut
- Sucic stunner earns Real Sociedad draw against Atletico
- PSG draw with Nice, fail to reclaim top spot in Ligue 1
- Gudmundsson downs AC Milan after De Gea's penalty heroics for Fiorentina
- 'Yes' vote prevails in Kazakhstan nuclear plant vote: TV
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Lewandowski hat-trick powers Liga leaders Barca to Alaves victory
- 'Nothing gets in way of team,' says Celtics' MVP hopeful Tatum
- India maintain Pakistan stranglehold as Windies cruise at Women's T20 World Cup
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- Postecoglou slams 'unacceptable' Spurs after 'terrible' loss at Brighton
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- Maresca hails Chelsea's 'fighting' spirit after draw with 10-man Forest
- New 'Joker' film, a dark musical, tops N.America box office
- Man Utd stalemate keeps Ten Hag in danger, Spurs rocked by Brighton
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- Vikings hold off Jets in London to stay unbeaten
Music and gaming help Sony hike net profit forecast
Sony raised its annual net profit forecast on Wednesday after a solid performance in the first quarter, predicting strong sales in video games and music, as well as image sensors used in iPhones.
The yen's weakness against the dollar in recent months has boosted takings for the Japanese electronics and entertainment conglomerate.
CEO Hiroki Totoki said after the announcement that a rumoured takeover offer for US film and television giant Paramount had been abandoned by the Japanese giant, which decided it was "not a good strategic fit for us at this time".
Paramount has agreed a merger with production company Skydance.
For April-June, Sony logged a six percent on-year jump in net profit to 231.6 billion yen ($1.6 billion), beating analyst estimates.
The company now forecasts net profit of 980 billion yen in 2024-25, also a six-percent rise on-year.
That is up from the previous estimate of 925 billion yen, which would have been lower than the 2023-24 result.
Music streaming has been a money-spinner for Sony, which has an impressive back catalogue and whose current roster includes top artists such as Beyonce and Lil Nas X.
"An increase in the number of paying subscribers for streaming services and market expansion in emerging countries" helped boost takings in music, said senior vice president Naomi Matsuoka.
The overseas success of Japanese pop duo Yoasobi, who were invited to an April state dinner at the White House for Prime Minister Fumio Kishida, shows that Sony and its subsidiaries are "able to create hits that transcend national and regional boundaries", she added.
Sony said user engagement in gaming remained high in the quarter, with its flagship PlayStation 5 console now in its fourth year on the market.
In gaming, "Helldivers 2" and the PC version of "Ghost of Tsushima" are contributing to profits, while upcoming titles include the latest "Astro Bot" and the PC version of the smash hit "God of War Ragnarok".
For Sony's huge movie business, Matsuoka said box office revenues in the United States had been hit by strikes in Hollywood.
But films released since June, including "Bad Boys: Ride or Die" and "The Garfield Movie" are already proving box office hits, she said.
Yasuo Nakane of Mizuho Securities said before the earnings announcement that Sony could log a record high profit this year for its image sensors.
Sony may also see record profits next year in the gaming sector under new leadership, he said in a recent note.
"Our near-term outlook includes expectations that platform business group CEO Hideaki Nishino will improve PlayStation 5 supply chain management, including procurement, inventory, and logistics," Nakane said.
Nishino is also expected to "maximise PS5 platform profits through a balancing of hardware, software and network operations", he said. "We believe that both are possible."
F.Pedersen--AMWN