Sony Stock Gains After it Sets Stage for Financial Division's 2025 IPO
Portfolio Pulse from Anusuya Lahiri
Sony Group Corp (NYSE: SONY) reported a 22% year-on-year increase in Q3 FY23 sales to $25.34 billion, surpassing consensus estimates. Adjusted EPS was $1.99, beating the consensus of $1.65. The company saw revenue growth in various segments, with notable increases in Game & Network Services, Music, and Imaging & Sensing Solutions. Sony also revised its FY23 sales outlook downwards but increased its operating and net income projections. Additionally, Sony plans to IPO its financial division in October 2025. SONY shares rose 3.29% in premarket trading.
February 14, 2024 | 1:27 pm
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Sony reported strong Q3 FY23 results with sales and EPS beating consensus estimates. The company also announced plans for an IPO of its financial division in 2025.
Sony's strong Q3 FY23 performance and the announcement of its financial division's IPO in 2025 are likely to positively impact investor sentiment and the stock price in the short term. The premarket share price increase of 3.29% indicates positive market reaction to the news.
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IMPORTANCE 90
RELEVANCE 100