Sony sees record $10bn profit as COVID ups home entertainment demand

TOKYO — Sony expects its highest-ever net profit for the year ending March as its strengths in entertainment content like games, anime, and music streaming prove successful during the coronavirus pandemic.

The company on Wednesday revised up its net profit forecast to 1.085 trillion yen ($10 billion) for the current fiscal year, up 86% from a year ago. The profit figure would surpass an all-time high of 916 billion yen recorded for the year ended March 2019.

This marks Sony’s second upward revision this fiscal year. Previously, the company said it expected annual net profit to increase 37% to 800 billion yen.

The record performance will be supported by a 7% jump in revenue to 8.8 trillion yen and an 11% increase in operating profit to 940 billion yen, boosted by pandemic-fueled demand for home entertainment.

The conglomerate’s subscription-based gaming services have continued to be…