Spider-Man lifts profit at Japanese electronics maker Sony

TOKYO, Feb. 3 (BUS): Sony’s profit for the December quarter rose 11% thanks to healthy sales of its movie division, including the new Spider-Man movie, the Japanese electronics and entertainment company reported Wednesday.

The Associated Press (AP) reported that Tokyo-based Sony Corp posted a profit of 346 billion yen ($3 billion) in the third quarter of its fiscal year, compared to 310.7 billion yen a year earlier.

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

Sony said strong performances in its music division, such as Adele’s “30” album; Movies such as “Spider-Man: No Way Home” and licensing income from the “Seinfeld” series increased profits.

The imaging and sensor unit also recorded strong results.

Sony said sales in video games did not live up to expectations as the supply crisis in parts, especially semiconductors, led to a decline in sales of the PlayStation 5.

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

He said the purchase includes payments to the independent studio’s contributing creators to ensure their retention.

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

But competition is fierce in the video game industry.

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

Sony has branched out into new territory, recently showing off a prototype of an electric vehicle at a trade show in Las Vegas. The company said it hopes to turn the car into a new type of entertainment venue.

Sony, which also makes portable digital televisions and music players, also relies on the metaverse, an immersive virtual world, where it faces competitors like Facebook or Meta.

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

MI