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Spider-Man lifts profit at Japanese electronics maker Sony

TOKYO (AP) – Sony’s profit for the quarter through December edged up 11 per cent on healthy sales from its film division, including the new Spider-Man movie, the Japanese electronics and entertainment company said yesterday.

Tokyo-based Sony Corp recorded a JPY346 billion (USD3 billion) profit for the fiscal third quarter, up from JPY310.7 billion the previous year.

Quarterly sales edged up to JPY3 trillion (USD26 billion) from JPY2.7 trillion.

Sony said strong offerings in its music division, like the album 30 from Adele; movies like Spider-Man: No Way Home and licensing income from the Seinfeld series lifted earnings.
Its imaging and sensor unit also posted solid results.

In video games, sales fell short of expectations as a parts supply crunch, especially of semiconductors, dented sales of its PlayStation 5 machine, Sony said.

Company Chief Financial Officer Hiroki Totoki said Sony’s acquisition of Bungie Inc, known for its Halo and Destiny games, for USD3.6 billion highlighted its commitment to the gaming business.

The Sony logo is shown on a screen above the trading floor of the New York Stock Exchange. PHOTO: AP

The purchase includes payments to the shareholder creators at the independent studio to ensure their retention, he said.

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

But competition is heating up in the video game industry.

Microsoft Corp is buying Activision Blizzard, the maker of Candy Crush and Call of Duty, for USD68.7 billion, turning the maker of the Xbox into one of the world’s largest game companies.

Sony has been branching into new areas, recently showing an electric-vehicle prototype at a Las Vegas trade show. The company has said it hopes to turn the car into a new kind of entertainment space.

Sony, which also makes TVs and portable digital music players, is also banking on the metaverse, the immersive virtual world, where it faces rivals like Facebook, or Meta.

Sony forecast a JPY860 billion (USD7.5 billion) profit for the full year through March, down from JPY1 trillion in the previous fiscal year. The latest forecast marks an improvement from the JPY730 billion (USD6.3 billion) profit it projected in October.