Sony stock hits 5-year high on strong Q2 sales

Sony Group stock is at an all-time 5-year high as it delivers record Q2 sales revenues despite -50% year-over-year profits.

@DeekeTweak
Published Thu, Oct 28 2021 3:11 PM CDT   |   Updated Wed, Nov 24 2021 12:31 AM CST

Sony Corp's stock is currently at $118.20 per share on the New York Stock Exchange, the highest point in the last five years.

Sony stock hits 5-year high on strong Q2 sales 43 | TweakTown.com
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Sony's recent Q2 FY2021 earnings report has caused its stock to jump +4.68% in one day to $118.20, setting a new 52-week and five-year high. The highest Sony Corp. stock has even been is $156.75 on February 29, 2000.

Sony stock hits 5-year high on strong Q2 sales 332 | TweakTown.com

The company reported strong Q2 sales surges of 264 billion yen to 2.369 trillion yen across multiple segments including music, gaming, pictures, image sensors, and electronics partly due to higher FX (foreign exchange) rates, which rose 3.67% with a 1 USD = 110.1 yen rate. Games and Network Services tacked on an extra 20.7 billion yen due to these FX rates.

Overall profits slid by over 50%, however that's compared to the previous year when Sony enjoyed an extra influx of profit due to a valuation allowance reversal. Sony had set aside a portion of money as back up saves just in case its deferred taxes couldn't be used. Once Sony realized the assets could be used, they reversed the valuation allowance, and that's partly why Sony made more profits in Q2'20 than it recorded in income before taxes.

Truth be told, Sony Corp's total Q2 profits hit 213 billion yen in Q2, the second best profit for any Q2 period in the company's history.

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Derek joined the TweakTown team in 2015 and has since reviewed and played 1000s of hours of new games. Derek is absorbed with the intersection of technology and gaming, and is always looking forward to new advancements. With over six years in games journalism under his belt, Derek aims to further engage the gaming sector while taking a peek under the tech that powers it. He hopes to one day explore the stars in No Man's Sky with the magic of VR.

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