Sony Group Corp. News:
Sony Group Corp. is set to increase its research and development (R&D) spending at its gaming unit by approximately 10% to $2.2 billion in the current financial year. This move comes as part of Sony’s strategic efforts to further strengthen its position in the gaming industry. According to a report by Nikkei, R&D spending within Sony’s gaming division, responsible for the highly successful PlayStation 5 console, will exceed R&D spending on electronics and semiconductors this year.
While Sony (SONY:NYE) has not yet responded to requests for comment regarding the reported increase in R&D spending, the company’s gaming business has already outlined its ambitious plans to invest in live-service games, as well as expanding its offerings in the PC and mobile gaming markets.
The significant boost in R&D spending demonstrates Sony’s commitment to driving innovation within its gaming division. By allocating more resources to research and development, the company aims to enhance the gaming experience for its customers, maintain its competitive edge, and capture a larger share of the lucrative gaming market.
The PlayStation 5, released in November 2020, has been a resounding success for Sony, selling millions of units worldwide and receiving critical acclaim for its cutting-edge technology and immersive gameplay. With the increased R&D investment, Sony aims to build upon this success and introduce new features, improved performance, and captivating gaming experiences that will keep players engaged and satisfied.
Sony Group Corp Stock Forecast:
According to two analysts, the average target price for Sony Group Corp over the next 12 months is USD 118.00. The average analyst rating for the company is Strong Buy. Stock Target Advisor, based on its own analysis, also considers Sony Group Corp to be bullish, with 11 positive signals and 3 negative signals. As of the last closing, Sony Group Corp’s stock price was USD 91.24. Over the past week, the stock price has changed by -0.21%, over the past month it has decreased by -8.07%, and over the last year, it has increased by +11.20%.
