Spider-Man Rescues Sony From PlayStation’s Bad Quarter

PlayStation 5 full-year outlook lowered to 11.5 million units
Hit movies offset supply challenges in the gaming division

WATCH: Sony reported better-than-expected earnings and raised its forecast but cut its sales expectations for the PlayStation 5. Vlad Savov reports.Source: Bloomberg

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By Takashi Mochizuki

February 2, 2022 at 6:04 AM UTC

Updated on

February 2, 2022 at 8:00 AM UTC

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Sony Group Corp. reported strong third-quarter earnings and raised its fiscal-year forecast on Wednesday, propelled by a hit Spider-Man movie and sales of image sensors used in Apple Inc.’s iPhones.

The Japanese electronics and entertainment group reported operating profit of 465.2 billion yen ($4 billion), surpassing average analyst estimates of 342.1 billion yen. The strong figures led Sony to upgrade its operating profit forecast for the year ending March to 1.2 trillion yen, up from the previous 1.04 trillion yen.