Sony Group lifts profit forecast, aims to list financial unit in 2025

Sony Group on Wednesday lifted its net profit forecast for the year ending March to ¥920 billion ($6.1 billion) from an earlier estimate of ¥880 billion thanks to its robust finance business and a weak yen, while announcing that a planned spinoff and the listing of its financial unit is scheduled for 2025.

The sales projection for fiscal 2023, however, was lowered to ¥12.3 trillion from its November forecast of ¥12.4 trillion, overshadowed by lackluster performance in the gaming sector.

The Japanese conglomerate cut its annual sales target for its mainstay PlayStation 5 games console to 21 million units from 25 million, citing slower-than-expected sales around the Christmas holiday season, even as a new model hit the shelves in November.