Japan's Sony has reported a 1.1% decline in first-quarter operating profit, much milder than market estimates as its gaming business thrived during lockdown.
The electronics and entertainment firm posted April-June profit of 228.4 billion yen, versus 230.9 billion yen a year prior.
The result compared with the 143.21 billion yen average of 10 analyst estimates compiled by Refinitiv.
The firm also forecast profit to fall 26.7% to 620 billion yen in the year through March 2021, its lowest in four years, but better than a drop of at least 30% it estimated in May.
The impact of Covis-19 on Sony has been limited compared with Japanese electronics peers such as Panasonic, due to its pursuit of recurring revenue such as subscription fees on gaming content.
To accelerate the portfolio shift to such revenue streams, Sony recently invested in Chinese video site Bilibili Inc and Epic Games, creator of the popular video game Fortnite.
Sony has forecast its gaming business to post a profit of 240 billion yen for this financial year, versus 238 billion yen a year earlier, driven by a sharp rise in software sales.
