Sony reports record net profit but issues cautious forecast

Sony announced its biggest-ever annual net profit Wednesday, driven by unprecedented pandemic-fuelled demand as people around the world turned to gaming to liven up lockdowns.

But with hope on the horizon for an end to the pandemic as vaccines roll out in many parts of the world, the Japanese firm issued a more cautious forecast for the year ahead.

Although the coronavirus has hit many industries hard, the gaming sector has been one of the few to experience an unprecedented boom.

The Tokyo-based entertainment and consumer electronics giant said annual net profit jumped to 1.17 trillion yen ($10.7 billion) — more than doubling from the previous year on sales of 8.99 trillion yen, also a record high.