Sony upgraded its full-year net profit forecast on Wednesday, buoyed by the success of its latest "Spider-Man" movie and strong results in the gaming sector despite the global chip shortage. It comes as the Japanese tech giant battles for gaming supremacy with US rival Microsoft after its blockbuster acquisition of Activision.
Although the huge demand for gaming is tapering now, Sony said it is continuing to see strong performances by divisions including film, games and electronics. The group cheered strong results in its film division including for “Spider-Man: No Way Home”, which was released in December and could soon overtake “Avatar” as North America’s third-highest grossing film.
Net profit in the nine months to December 2021 was 771 billion yen, down 20 percent year-on-year, Sony said, with sales in the same period up 13 percent to 7.66 trillion yen.Sony expects the global chip shortage to hit sales of its PlayStation 5 console this financial year, but said operating income in its gaming sector would still be higher than previously forecast due to reduced expenses.
The group lowered its annual sales forecast for the console to 11.5 million units from the previous target of 14.8 million.