Sony Q3 profit jumps 10%, points to 2025 listing for financial business By Reuters

Sony Q3 profit jumps 10%, points to 2025 listing for financial business By Reuters

© Reuters. The Sony logo is displayed outside the company’s headquarters in Tokyo, Japan February 16, 2023. REUTERS/Issei Kato/File Photo

By Sam Nussey

TOKYO (Reuters) -Sony’s operating profit jumped 10% in the third quarter, beating estimates, buoyed by the strength of its financial, movies and music businesses.

The group, which said last year it was examining a partial spin-off of its financial business, said it plans to list Sony (NYSE:) Financial Group in October 2025.

Profit over October to December for the Japanese company was 463.3 billion yen ($3.08 billion), blowing past an average estimate of 428 billion yen from 11 analysts polled by LSEG.

Sony, the inventor of the Walkman, has transformed into an entertainment and tech behemoth spanning movies, music, games, chips and financial services.

Sony said it sold 8.2 million PlayStation 5 units in the third quarter, which spans the key year-end shopping season.

That compared with sales of 7.1 million units in the same period a year earlier.

“Marvel’s Spider-Man 2” launched on Oct. 20, while the company rolled out a slim version of the console from November.

Nintendo last week hiked its full year Switch (NYSE:) forecast to 15.5 million units, from 15 million units previously, as the Kyoto-based company extends the lifecycle of the aging console.

Xbox maker Microsoft (NASDAQ:) is due to share updates on its games business on Thursday.

Last month Sony scrapped plans for a $10 billion merger of its Indian business with Zee Entertainment which would have created a TV juggernaut.

($1 = 150.5400 yen)

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