Spider-Man lifts profit at Japanese electronics maker Sony

Sony says its profit for the quarter through December rose 11% on healthy sales from its film division, including the new Spider-Man movie

Japan Earns Sony (AP)

Sony’s profit for the quarter through December edged up 11% on healthy sales from its film division, including the new Spider-Man movie, the Japanese electronics and entertainment company said Wednesday.

Tokyo-based Sony Corp. recorded a 346 billion yen ($3 billion) profit for the fiscal third quarter, up from 310.7 billion yen the previous year.

Quarterly sales edged up to 3 trillion yen ($26 billion) from 2.7 trillion yen.

Sony said strong offerings in its music division, like the album “30" from Adele; movies like “Spider-Man: No Way Home” and licensing income from the “Seinfeld” series lifted earnings.

Its imaging and sensor unit also posted solid results.

In video games, sales fell short of expectations as a parts supply crunch, especially of semiconductors, dented sales of its PlayStation 5 machine, Sony said.

The company's chief financial officer, Hiroki Totoki, said Sony's acquisition of Bungie Inc., known for its Halo and Destiny games, for $3.6 billion highlighted its commitment to the gaming business.

The purchase includes payments to the shareholder creators at the independent studio to ensure their retention, he said.

Analysts say the addition complements Sony’s strength in shooting games and will further solidify its position.

But competition is heating up in the video game industry.

Microsoft Corp. is buying Activision Blizzard the maker of Candy Crush and Call of Duty, for $68.7 billion, turning the maker of the Xbox into one of the world’s largest game companies.

Sony has been branching into new areas, recently showing an electric-vehicle prototype at a Las Vegas trade show. The company has said it hopes to turn the car into a new kind of entertainment space.

Sony, which also makes TVs and portable digital music players, is also banking on the metaverse, the immersive virtual world, where it faces rivals like Facebook, or Meta.

Sony forecast an 860 billion yen ($7.5 billion) profit for the full year through March, down from 1 trillion yen in the previous fiscal year. The latest forecast marks an improvement from the 730 billion yen ($6.3 billion) profit it projected in October.

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Yuri Kageyama is on Twitter https://twitter.com/yurikageyama