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Bull Trader USA

Dow Jones Newswires: Sony shares jump after full-year guidance upgraded

Sony Group Corp.

shares rose sharply Wednesday morning after the Japanese entertainment and electronics company posted strong quarterly results and boosted its full-year guidance on the strength of music and movie businesses.

The company’s shares were recently 8.5% higher at 10,905 yen after rising as much as 12% earlier.

Sony said Tuesday after market close that net profit jumped 24% from a year earlier to 263.96 billion yen ($1.78 billion) for the quarter ended Sept. 30.

Second-quarter revenue increased 16% to Y2.752 trillion, boosted by sales of music-streaming services and image sensors used in cellphones.

Sony raised its revenue and net-profit forecasts for the fiscal year ending March 2023, citing higher earnings from its music and movie businesses.

It expects revenue to increase 17% to Y11.600 trillion and projects that net profit will drop 4.8% to Y840.00 billion, compared with its previous view of a 9.3% decrease.

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