Sony Group reports gross profit of $3.02 billion in Q3

The Japanese entertainment and electronics conglomerate increased its net profit prediction for the fiscal year ending March 31, owing in part to a better movie sector.

Sony Group Corp on Wednesday reported that its third-quarter online sales increased 11 per cent due to higher revenues from its film division.
The Japanese entertainment and electronics business said its total profit for the fiscal quarter ended Dec 31 increased to 346.16 billion yen ($3.02 billion) from Y310.73 billion the previous year.

Revenue climbed by 13% to Y3.031 trillion in the third quarter. Operating income for its movie division increased to Y149.37 billion from Y20.28 billion, owing in part to revenue increases spurred by “Spider-Man: No Way Home” and “Venom: Let There Be Carnage.” Its image and sensor unit performed admirably as well.


Sony said that video game sales dropped short of forecasts due to a shortage of parts, particularly semiconductors, which hampered sales of its PlayStation 5 system. Hiroki Totoki, Sony’s chief financial officer, stated that the company’s $3.6 billion acquisition of Bungie Inc, famed for its Halo and Destiny titles, demonstrated the company’s commitment to the gaming industry.

According to experts, the inclusion will strengthen Sony’s stronghold in shooting games.
However, in the video game sector, competition is heating up. Sony expects a profit of 860 billion yen ($7.5 billion) for the fiscal year ending March 31, down from a profit of 1 trillion yen in the previous fiscal year. The current prediction is an increase from the 730 billion yen ($6.3 billion) profit predicted in October.