Sony raises profit guidance after Spider Man provides a boost
Sony Group raised its profit guidance for the year by 15 per cent today after third quarter earnings smashed analyst estimates following the success of Spider-Man: No Way Home.
Profits at the Japanese conglomerate’s pictures division jumped to 149.bn yen (£960m) for the third quarter as the unit’s revenue more than doubled.
The group said it now expects to post a profit of 205bn yen (£1.3bn) for the year after Spiderman grossed $1.7bn worldwide and became the sixth highest grossing film of all time.
Revenues in the pictures division were also given a boost by the release of Venom: Let there be Carnage, and the sale of the mobile games firm GSN Games.
Sony’s gaming arm, which focuses on PlayStation also posted a rise in profit after recording 3.9m sales of PS5 consoles.
But the firm warned that hardware issues would hamper production for the full year and it cut production forecasts to 11.5 million units from 14.8 million previously.
Profits across the firm’s divisions were 465.2 billion yen (£299.6bn), compared with an estimated average profit of 351.6 billion yen from nine analysts surveyed by Refinitiv.