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

By Kosaku Narioka

Sony Group Corp.’s third-quarter net profit fell 5.6% from a year earlier due to weaker earnings from its movie business, it said Thursday.

The Japanese electronics and entertainment company (6758.TO)said that net profit for the quarter ended Dec. 31 fell to 326.81 billion yen ($2.53 billion) from Y346.16 billion a year earlier. That beat the estimate of Y282.63 billion taken from a poll of analysts by Quick.

Third-quarter revenue increased 13% from a year earlier to Y3.413 trillion.

Operating profit from its movie business fell to Y25.445 billion from Y149.37 billion during the same period a year earlier, when revenue growth driven by “Spider–Man: No Way Home” and “Venom: Let There Be Carnage” boosted earnings.

Operating profit from all other segments increased, led by gains in the company’s game, imaging and sensing and financial businesses.

Sony cut its revenue forecast for the fiscal year ending in March, but raised its net-profit projection and increased its operating-profit forecast for its gaming business.

The company expects revenue to increase 16% to Y11.500 trillion, compared with the previous forecast of a 17% rise. It expects net profit to drop 1.4% to Y870.00 billion, compared with the previous view of a 4.8% decrease.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

-Kosaku Narioka

(END) Dow Jones Newswires

02-02-23 0237ET

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