Beyoncé's 'Cowboy Carter' Album and Gaming Boosts Sony's Revenue in It's Fiscal First Quarter

Sony reported operating profit of nearly $2 billion in the fiscal first quarter, up 10% year over year and beating analyst expectations. Music revenues grew 23%, thanks to new album releases like Beyoncé's "Cowboy Carter" boosting recorded music sales. Revenues from gaming increased 12%, driven by strong sales of PlayStation games and network services. While PlayStation 5 hardware sales fell year-over-year, software/network revenues increased as gamers engaged more with subscriptions and digital downloads. Shares of Sony closed flat as investors weighed the strong results against a recent downturn in Japanese markets.