Sony Group Corp (SONY  ) reported first-quarter FY23 sales growth of 33% year-on-year to $21.63 billion (¥2.96 trillion), beating the consensus of $18.11 billion. Adjusted EPS of $1.28 beat the consensus of $0.96.

Segments & Profits: Game & Network Services (G&NS) revenue increased 28% Y/Y to ¥771.9 billion, and operating income declined by 7% Y/Y to ¥49.2 billion.

Music revenue rose 16% Y/Y to ¥358.2 billion, and operating income increased by 20% Y/Y to ¥73.4 billion. Pictures revenue decreased by 6% Y/Y to ¥320.4 billion, and operating income declined by 68% Y/Y to ¥16.0 billion.

Entertainment, Technology & Services (ET&S) revenue grew by 4% Y/Y to ¥571.8 billion, and operating income grew by 4% Y/Y to ¥55.6 billion. Imaging & Sensing Solutions revenue (I&SS) increased by 23% Y/Y to ¥292.7 billion, and operating income declined by 41% Y/Y to ¥12.7 billion.

Financial Services revenue rose 215% Y/Y to ¥681.4 billion, and operating income decreased by 61% Y/Y to ¥54.5 billion.

Consolidated operating income declined by 31% Y/Y to ¥253 billion.

Sony sold 3.3 million PS5 units in the quarter versus 2.4 million a year ago. It held ¥1.53 trillion in cash and equivalents.

Outlook: Sony raised FY23 sales outlook to ¥12.2 trillion from the prior ¥11.5 trillion. The company continues to see operating income of ¥1.170 trillion and raised its net income attributable outlook to ¥860 billion from the prior ¥840 billion.

Last quarter, Sony shared its aim to sell 25 million units of PS5 in the current year (up from 19.1 million in FY22).

Price Action: SONY shares closed lower by 0.69% at $89.82 on Tuesday.