Sony Profits Soar on Strength of Spider-Man Franchise Despite PlayStation Problems
Feb 02, 2022
Sony Group of Japan reported Wednesday that operational profit increased 32% to JPY465.2 billion ($4 billion) in the December quarter, owing to the international popularity of its "Spider-Man: No Way Home" film.
The operating profit at the firm's division, which represents around 15% of overall revenue, was JPY 149.4 billion, a sevenfold increase over the same period in 2020, the company said.
Spider-Man: Into the Spider-Verse, which was released in December, has now made over $1.7 billion globally. Sony (6758. Tokyo) also recognized "Venom: Let There Be Carnage's" impact on its top line.
The business's games section, which produces the iconic PlayStation machine, saw revenue fall as the company failed to satisfy the demand for its latest PS5 gadget owing to chip shortages. However, the firm said that the unit's earnings increased 15% to JPY92.9 billion.
The business has lowered its PS5 sales projection from 14.8 million to 11.5 million units.
Sony's third fiscal quarter net profit was JPY346.2 trillion, an increase of 11%, but the business increased its full-year operating profit target to JPY1.2 trillion, 15% higher than the prior estimate and ahead of expert estimates.
Sony shares increased by 5% in Tokyo on Wednesday. The stock is up 26% from the previous year to date.
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Holdings said its first quarter was a "good start," but it lowered its full-year forecast, expecting payments volumes to fall. Its adjusted earnings per share expectation are now $3.81 to $3.93, down from a previous range of $4.60 to $4.75.
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The main market indices rose on Tuesday as earnings reports got underway. After falling 39 points on Monday, the Dow Jones Industrial Average closed up 501 points, or 1.5%. The S&P 500 gained 1.6%, while the Nasdaq Composite climbed by 2.2%.
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