Sony posts record Q1 profit on pandemic demand for devices and content

TOKYO (Reuters) -Sony Corp raised its earnings outlook on Wednesday after a record first-quarter operating profit helped by pandemic stay-at-home demand for PlayStation 5 consoles, TVs, music and movies.

Operating profit for the quarter ended June 30 rose to 280.1 billion yen ($2.57 billion) from 221.7 billion yen a year earlier, topping the 207.96 billion expected by 10 analysts, Refinitiv Eikon data showed.

It raised its profit forecast for the year through March 2022 to 980 billion yen from 930 billion, bringing it closer to the 1 billion yen average estimate from 25 analysts.

Sony had expected growing pandemic demand for its devices and content to wane as coronavirus lockdowns eased, but with fresh waves of COVID-19 infections sweeping the world, restriction are still common.