Sony profit falls as movie business earnings weaken and cuts revenue forecast

By Kosaku Narioka

Sony Group’s third-quarter net profit fell 5.6% from the same period last year due to weaker earnings in its movie business, it said Thursday.

Japanese electronics and entertainment company 6758.TO said its net profit for the quarter ended December 31 fell to 326.81 billion yen ($2.53 billion) from 346.16 billion yen a year earlier. This surpassed his ¥282.63 billion estimate obtained in an analyst poll by Quick.

Third quarter revenue increased 13% year-on-year to 3,413.0 billion yen.

Operating income of the movie business decreased from 149.37 billion yen in the same period of the previous year to 25.445 billion yen. Earnings.

All other segment operating income increased, driven by earnings from the company’s gaming, imaging, sensing and financial businesses.

Sony lowered its earnings forecast for the fiscal year ending March, but raised its net profit forecast and raised its gaming business operating profit forecast.

The company expects revenue to grow 16% to 11.5 trillion yen. The company expects net profit to fall 1.4% to his 870 billion yen.

Write to Kosaku Narioka at

-Kosaku Narioka


(Closed) Dow Jones Newswire

02-02-23 0237ET

Copyright (c) 2023 Dow Jones & Company, Inc.

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