Sony ADR

Sony achieved a solid set of results in the quarter despite the growing instability due to the global economic outlook uncertainty, geopolitical threats, energy challenges, and environmental concerns. The company delivered an all-around beat in its quarterly results. Sony’s Q3 2022 earnings report showed significant growth in its games segment, particularly in PlayStation 5 hardware sales. According to the report, the quarter saw the highest unit sales for the PS5 so far, with around 7.1 million units sold, more than double the previous quarter’s sales and significantly surpassing the previous best quarter of Q3 2021. Sony is optimistic about its prospects for the fiscal year, with the company raising its guidance to reach 19 million units by the end of Q4 2022. The strong performance in PS5 sales indicates that the console is now more widely available than before, with previous quarters struggling to keep up with demand. In other updates, Sony went ahead with the launch of an electric vehicle dubbed Afeela at the 2023 CES in collaboration with Honda. Overall, we remain optimistic about its long-term perspectives and give it a ‘Hold’ rating with a revised target price.