Why Sony Group Stock Was Up on Tuesday
Sony Group (NYSE: SONY) investors beat the market on Tuesday. Their stock gained 10% by 3:30 p.m. ET compared to a 0.5% drop in the S&P 500. That boost erased just a portion of recent losses for the Tokyo-based conglomerate, though. Shares remain down over 40%, or roughly double the decline in the wider market so far in 2022.
The rally was powered by an earnings report that was well received on Wall Street.
Sony said in a pre-market filing that sales rose 16% in the fiscal second-quarter selling period, translating into accelerating sales growth compared to Q1. The company is seeing slightly better demand for its video games right now compared to last quarter, but players are still less engaged than they were a year ago. Its hardware division is enjoying better profitability thanks to price increases and cost cuts .
Source Fool.com
