- Saudi crown prince says no Israel ties without Palestinian state
- Canada to further cut international student, foreign worker permits
- YouTube launches new TV-focused tools for creators
- White Sox heading for worst season in MLB history
- China the top challenge in US history: senior diplomat
- Hong Kong democracy tycoon's son warns time running out
- New migraine drugs no better than cheap painkillers: big study
- Sean 'Diddy' Combs again denied bail in sex trafficking case
- Brewers clinch division title as MLB playoff race heats up
- Man City blunted by 'giant' Inter in Champions League stalemate
- US stocks dip despite larger Fed interest rate cut
- Man City held by Inter as PSG pinch win in Champions League
- All Blacks recall Beauden Barrett for Australia Test
- Fears of all-out war as new Lebanon device blasts kill 20, wound 450
- Spurs late show saves Postecoglou blushes at Coventry
- PSG snatch late goal to beat Champions League debutants Girona
- Gittens' late double gives Dortmund Champions League win at Brugge
- Man City blunted by Inter in Champions League stalemate
- Hidden talent: French Olympic star Marchand opts for disguise
- MrBeast named in California lawsuit over 'Beast Games' show
- Gauff splits with Gilbert as coach after 14-month run
- Hundreds of thousands at risk in Sudan's El-Fasher: UN
- Harvey Weinstein pleads not guilty to new sex crime charge
- Venezuelan opposition candidate says letter conceding election was coerced
- Ukraine official claims Russian advance in Kursk has been 'stopped'
- X update allows app to bypass Brazil ban: internet providers
- Fears of all-out war as new Lebanon device blasts kill 14, wound 450
- US Fed makes aggressive rate cut, weeks before election
- Arsenal's Odegaard faces lengthy injury absence
- India coal expansion risks massive methane growth: report
- China the top challenge in US history, top diplomat says
- US Fed makes larger half-point cut in first reduction since 2020
- Ronaldo's Al Nassr appoint former AC Milan boss Pioli
- Ainslie 'relieved' as British book place in Louis Vuitton Cup final
- Struggling Roma replace sacked icon De Rossi with Ivan Juric
- Women's NBA will add 15th team in Portland in 2026
- Brazil fires need harsher punishment: environmental police boss
- Boeing to start large temporary furloughs amid Seattle strike
- Fears of all-out war as new Lebanon device blasts kill nine, wound 300
- 'Emergency' declared over falling UK butterfly numbers
- McIlroy outlines threats to golf peace deal
- Stock markets, dollar slip before US rate decision
- Russian advance in Kursk 'stopped': Ukraine official to AFP
- UN members demand end to 'unlawful' Israeli occupation of Palestinian territories
- Snapchat pushes 'safer' platform image, but not everyone agrees
- Three dead, 100 wounded in new wave of Lebanon device explosions
- So where does the oceans' plastic waste come from?
- Allied war heroes buried in Netherlands... 80 years on
- Marsh coy over Australia's choice to open alongside Head
- New London sculpture pays tribute to trans community
RBGPF | 5.79% | 60.5 | $ | |
JRI | 0.45% | 13.44 | $ | |
BCC | 1.33% | 137.06 | $ | |
BCE | 3.09% | 35.61 | $ | |
CMSC | 0.02% | 25.055 | $ | |
CMSD | -0.12% | 24.98 | $ | |
NGG | -0.46% | 70.05 | $ | |
SCS | 0.71% | 14.11 | $ | |
RELX | -0.82% | 47.37 | $ | |
RYCEF | 1.37% | 6.55 | $ | |
RIO | -0.02% | 62.91 | $ | |
VOD | 0.49% | 10.23 | $ | |
GSK | -0.31% | 42.43 | $ | |
AZN | 0.06% | 78.58 | $ | |
BP | -0.37% | 32.43 | $ | |
BTI | -0.34% | 37.88 | $ |
Sony hikes annual profit forecast on film, gaming success
Sony upgraded its full-year net profit forecast on Wednesday, buoyed by the success of its latest Spider-Man movie and strong results in the gaming sector despite the global chip shortage.
The Japanese tech giant already logged a record net profit in 2020-21, with a pandemic boom in gaming swelling its profits.
Although the huge demand for gaming is tapering as virus restrictions are eased in many countries, Sony said it is continuing to see a strong performance across sectors including film, gaming and electronics.
The conglomerate now projects a net profit of 860 billion yen ($7.4 billion) for the fiscal year to March 2022, having already hiked its full-year estimate to 730 billion yen in the previous quarter.
"Operating income is expected to be higher than the October forecast due to expected increases in operating income in the pictures, game and network services, electronic products and solution and music segments," Sony said in a statement.
A favourable foreign exchange rate and expected decrease in operating losses in other sectors including its corporate division will also boost its bottom line, it said.
Sony expects higher sales in its film division, "primarily due to an expected increase in sales... resulting from the strong theatrical performances of 'Spider-Man: No Way Home' and 'Venom: Let There Be Carnage'," it said.
"No Way Home", released in December in the United States, became the first billion-dollar-grossing film of the pandemic era over the Christmas weekend, according to industry watcher Exhibitor Relations.
Sony expects the global chip shortage to hit sales of its PlayStation 5 console this financial year, but said operating income in its gaming sector would still be higher than previously forecast "due to an expected decrease in selling, general and administrative expenses".
The company has faced challenges rolling out the PS5, which is regularly sold out and remains hard for consumers to get hold of in part due to global supply chain disruption.
The forecast comes as Sony finds itself in a battle for gaming supremacy after US rival Microsoft snapped up "Call of Duty" maker Activision Blizzard in a landmark $69 billion deal.
Sony hit back with its own acquisition announcement this week, unveiling a $3.6 billion agreement to buy US video game studio Bungie, creator of hits such as "Halo" and "Destiny".
Net profit in the nine months to December 2021 was 771 billion yen, down 20 percent year-on-year, Sony said, with sales in the same period up 13 percent to 7.66 trillion yen.
M.Odermatt--BTB