Sony reports 3.4% yearly net profit drop, forecasts record profit
Sony just reported a 3.4% drop in annual net profit, landing at 1.03 trillion yen ($6.6 billion) for the year through March.
Rising chip costs and the end of its electric car project with Honda hurt earnings, but Sony isn't too worried: it's actually predicting a record-breaking profit of 1.16 trillion yen ($7.4 billion) this year.
Sony sales rise, announces share buyback
Sales are up thanks to strong demand for PlayStation games, network services, and hit movies like Demon Slayer and Kokuho.
Even though last quarter's profit fell sharply (down 63%), sales still climbed by 8%.
Looking ahead, Sony is counting on new blockbusters like Spider-Man: Brand New Day and Jumanji: Open World to keep momentum going.
It has announced a major share buyback plan to boost returns for investors.