Sony raises forecast as quarterly profit trumps estimates

Japan’s Sony Group has posted quaterly earnings that smashed estimates.

The success of “Spider-Man: No Way Home” helped Sony reach the quarterly feat.

Sony also raised its full-year profit forecast by 15%.

Operating profit at Sony’s pictures business jumped by more than seven-fold to 149.4 billion yen ($1.30 billion) in its fiscal third quarter ended December.

Sony expects the business to post a profit of 205 billion yen in the current fiscal year as the super-hero movie, released in December, grossed more than $1.7 billion.

Overall quarterly operating profit at Sony was 465.2 billion yen, compared with an estimated average profit of 351.6 billion yen.

The company’s main gaming segment, focused on PlayStation, also posted a rise in profit, with sales of 3.9 million PS5 units in the third quarter.

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