Sony reported record quarterly operating profit, with a 22% increase to 515 billion yen. Image sensor sales rose by 21%, while the music division saw a 13% revenue increase from streaming services. The company also announced an expansion of its share buyback scheme, resulting in a flat closing of shares.

Despite selling 8 million PlayStation 5 units in the October-December quarter, a 16% decline, Sony reported a bump in monthly users on its PlayStation Network. The gaming unit’s profit grew by 19% to 140.8 billion yen. Rising chip prices in the tech industry could disrupt supply chains and increase consumer prices.

Sony has secured the minimum quantity of memory needed for the next year-end shopping season. The company will negotiate with suppliers to meet customer demand. Uncertainty in the gaming industry due to the adoption of AI has led to fluctuations in gaming stocks. The launch of “Grand Theft Auto VI” is expected to boost Sony’s console business in November.

Read more at Yahoo Finance: Sony lifts outlook after record quarterly profit, music and sensor units shine