Sony profit falls on weak movie earnings, cuts revenue forecast

in Kosaku Narioka

Sony Group Inc said on Thursday that its third-quarter net profit fell 5.6% year-on-year due to weak earnings from its movie business.

The Japanese electronics entertainment company (6758.TO) said net profit for the quarter ended Dec. 1 fell to 326.81 billion yen ($2.53 billion) from 346.16 billion yen a year earlier. That beat estimates of 282.63 billion yen in a Quick survey of analysts.

Revenue in the third quarter rose 13% year-on-year to 3.413 trillion yen.

Operating profit at its film business fell to 25.445 billion yen from 149.37 billion yen a year earlier, driven by revenue-boosting gains from “Spider-Man: Nowhere to Return” and “Venom: Carnage.”

Operating profit rose in all other segments, led by gains in the company’s Gaming, Imaging and Sensing, and Financial businesses.

Sony lowered its revenue forecast for the fiscal year ended in March, but raised its net profit forecast and raised its operating profit forecast for its gaming business.

The company expects revenue to rise 16% to 1,150 billion yen, compared with a previous forecast of 17% growth. It expects net profit to fall 1.4% to 870 billion yen, compared with a previous forecast for a 4.8% decline.

Write to Kosaku Narioka at

-Kosaku Narioka


(End) Dow Jones Newswires

02-02-23 0237ET

Copyright (c) 2023 Dow Jones & Company, Inc.

Source link