Sony Group’s (SNEJF) booming movie business lifts quarterly results

February 02, 2022 05:22 PM PST | By Sanjeeb Baruah

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Sony Group’s (SNEJF) booming movie business lifts quarterly results — Image source: Michael Vi,shutterstock

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Highlights

The "Spider-Man: No Way Home" became the sixth-highest grossing movie in 2021, netting more than US$1.7 billion worldwide despite the spread of the Omicron variant.

Sony expects the full-year profit to be 1.2 trillion yen, up from 1.04 trillion yen.

Sony is also branching out to the EV segment after unveiling a new EV prototype at a trade show in Las Vegas last month, Reuters reported.

Japan’s Sony Group Corp raised the full-year profit forecast by 15% on Wednesday after its movie business boomed with the smashing success of the new Spider-Man sequel.

The "Spider-Man: No Way Home" became the sixth-highest grossing movie in 2021, netting more than US$1.7 billion worldwide despite the spread of the Omicron variant.

Sony’s revenue from the picture segment more than doubled to 149.4 billion yen (US$1.30 billion) in the third quarter ended December.

The movie "Venom: Let There Be Carnage" also saw major box-office collections. The segment was also boosted by income from the "Seinfeld" sitcom licensing and mobile video game sales.

The overall quarterly profit was 465.2 billion yen. It now expects the full-year profit to be 1.2 trillion yen, up from 1.04 trillion yen. Sony is branching out to the EV segment as well with the unveiling of a new EV prototype at a trade show in Las Vegas last month, Reuters reported.

Sony also plans to procure semiconductors for its image sensor business from Taiwanese chipmaker TSMC, which is building a US$7 billion chip plant in Japan.

It will start supplying chips to Sony in 2024.

Sony (SNEJF) shares closed 0.77% down to 112.06 on Wednesday.

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Source: Pixabay

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Sony Corp’s PS5 sales hit by component shortages

Sony has cut its full-year PS5 sales guidance to 11.5 million units from its previous estimate of 14.8 million units due to the PS5 hardware shortage.

In the third quarter, it sold 3.9 million PS5 units.

On Tuesday, the company announced plans to purchase videogaming company Bungie Inc for US$3.6 billion. Bungie is the creator of the popular videogame "Halo".

The announcement comes close on the heels of Microsoft’s move to purchase videogame maker Activision Blizzard for US$69 billion.

Sony said Bungie’s expertise would help launch at least 10 gaming titles by March 2026.

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