Sony raises profit forecast after ‘Spider-Man’ success

Sony raised its full-year profit forecast by 15% on Wednesday after reporting quarterly results well above expectations, buoyed by the success of “Spider-Man: No Homecoming,” which became the sixth highest grossing in history.

Operating profit at its media and entertainment business increased more than sevenfold to 149.4 billion yen (R$6.9 billion) in the fiscal third quarter, which ended in December, as the unit’s revenue more than doubling.

Sony expects the deal to post a profit of 205 billion yen (R$9.5 billion) in the current fiscal year, as the superhero movie, released in December, grossed more than US$1.7 billion (R$ 1.7 billion). $9 billion) worldwide despite the spread of the omicron variant.

The segment was also boosted by revenues from the movie “Venom: A Time for Carnage” and the licensing of the sitcom “Seinfeld”, along with the sale of the mobile gaming business GSN Games.

Sony’s overall quarterly operating profit — a conglomerate that spans areas such as entertainment, sensors and financial services — was 465.2 billion yen, compared with an estimated average profit of 351.6 billion yen. (R$ 16.3 billion) from nine analysts consulted by Refinitiv

Sony raised its annual profit forecast from 1.04 trillion yen (R$48 billion) to 1.2 trillion yen, higher than the average profit of 1.09 trillion yen (R$55 billion) estimated in the poll. with 24 analysts, Refinitiv data showed.

The company’s PlayStation-focused gaming segment also saw profit rise, with sales of 3.9 million PS5 units in the third quarter, but hardware supplies were hampered by component shortages.

As a result, Sony cut its PS5 sales forecast to 11.5 million units from 14.8 million units.