By Kosaku Narioka
Sony Group Corp. said Wednesday that its third-quarter net profit rose 11%, thanks to stronger earnings from its movie business.
The Japanese entertainment and electronics company said net profit for the quarter ended Dec. 31 rose to 346.16 billion yen ($3.02 billion) from Y310.73 billion a year earlier. That beat the estimate of Y263.96 billion from a poll of analysts by Quick.
Third-quarter revenue increased 13% to Y3.031 trillion.
Operating profit for its movie business soared to Y149.37 billion from Y20.28 billion, thanks in part to revenue growth driven by “Spider‑Man: No Way Home” and “Venom: Let There Be Carnage.” The Covid-19 pandemic weighed on its movie business during the same period a year earlier.
Operating profit for its game and imaging and sensing businesses also rose, but those for its music, electronics and financial businesses fell.
Sony Group raised its net profit forecast for the fiscal year ending March due in part to its stronger movie business while keeping its revenue projection. It expects net profit to fall 16.5% to Y860.00 billion, compared with the previous view of a 29% decrease and continues to expect revenue to increase 10% to Y9.900 trillion.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
This article was originally published by Marketwatch.com. Read the original article here.
