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Sony Group Hikes Forecast on Annual Operating Profit to $10.5bn

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Babafemi Adebajo
Babafemi Adebajohttps://www.definitionsbyadebajo.com

Femi is a freelance content writer with adequate experience creating content for online and offline media across different niches including technology. When he is not writing, you can find him trying out new technology or reading.

Sony Group Corporation on Wednesday declared an expected full-year operating profit to rise 26% to $10.5 billion (1.2 trillion yen). This forecast comes as an upward review from the company’s earlier forecast for a 9% (1 trillion yen) increase in operating profit.

The Japanese consumer technology company also announced an operating profit of 1 trillion yen for nine months ending December. Compared to the same period in 2020, the company made 19.7% more, courtesy of massive sales from its music streaming and movie trade. Sony announced revenue of 7.6 trillion yen, 13% more than the previous year.

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Notably, the company’s income last year is traceable to the success of the movie “Spider-Man: No way home” released last December. Per net profit, Sony declared a dip of 20% to 771 billion yen in earnings as the impact of 2020’s tax cuts eased. Bri sales from the company’s music streaming business help raise its income, in addition to the sale of GSN Games, a mobile gaming subsidiary. GSN Games, according to Sony, contributed a capital gain of 65 billion yen to the company’s operating profit.

However, its mainstay gaming trade slows as shortage of semiconductors and waning Coronavirus-driven demand limits Sony’s supply of PlayStation 5. The company recorded sales worth 5.6 million PS5s in Q2 and Q3 2021, only 38% of its sales projections for the fiscal year.

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On Tuesday, Sony announced plans to buy Bingle Inc., the original creators of the “Halo” videogame for $3.6 billion. This announcement comes on the heels of Microsoft’s declared plans to buy Activision Blizzard, maker of “Call of Duty,” for $69 billion.

Looking into the year, the Japanese conglomerate may include the production of electric vehicles in its service line in 2022. Chief Executive Kenichiro Yoshida, last December in Las Vegas, unveiled a new electric vehicle prototype, declaring their move into the automobile industry. Sony aims to build a business through EVs production that transforms cars from transportation tools to entertainment spaces.

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