‘Spider-Man: No Way Home’ lifts profit outlook for Sony
According to the sources, Sony introduced an upgraded version of its full-year net profit outlook on Wednesday, supported by the success of its new ‘Spider-Man’ movie sequel despite the global chip shortage.
After the acquisition of its blockbuster Activision, the Japanese tech giant prepare for gaming supremacy with their US rival Microsoft. It has been recorded that Sony already bagged a record net profit in 2022-21 during the COVID-19 pandemic in gaming boosting its profits.
Although the demand for gaming has become attenuated now, Sony is still optimistic about the future of film, games, and electronics with new advancements and upgraded versions.
The conglomerate is worth a net profit of 860 billion yen ($7.4 billion) for the fiscal year to March 2022. It should also be noted that the latest ‘Spider-Man’ movie was a box-office hit and has already grossed more than $1.7 billion worldwide. Sony also noted the success of ‘Venom: Let there be Carnage’ to its top line.
According to the Sony Group, there was a considerable decline at the company’s game division, which builds the famous PlayStation console, as the company grapples to comply with the demand for its latest PS5 device due to chip shortages. However, the unit’s profit still managed to shoot up to 15% to 92.9 billion Japanese yen.
The company is reported to have cut its sales forecast for the PS5 from 14.8 million to 11.5 million units.
Sony lifted its overall, full-year active profit outlook to 1.2 trillion Japanese yen which is 15% more than the last estimate and beyond analysts’ predictions.
With shares rising above 5% in Tokyo this week, Sony’s stock is up 26% over the previous year.
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