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Benzinga
Benzinga
Business
Anusuya Lahiri

Sony Clocks 13% Sales Growth In Q3 Backed By Spiderman Movie, Apple iPhone Image Sensors

Sony Financial Services Gage Skidmore NYSE Pictures PlayStation Sony Group Corp Wikimedia
  • Sony Group Corp (NYSE:SONY) reported third-quarter FY21 sales growth of 13% year-on-year to ¥3.03 trillion.
  • Significant increases in Pictures, I&SS, Financial Services, and Music segments drove the increase.
  • Spider-Man: No Way Home and sales of image sensors used in Apple Inc’s (NASDAQ:AAPL) iPhones played a vital role in the growth trajectory, Bloomberg reports.
  • Sony sold 3.9 million PS5s in the quarter, down from 4.5 million in the same period a year earlier, reflecting semiconductor shortages.
  • The operating income grew 32% Y/Y to ¥465.2 billion. EPS was ¥276.65.
  • Sony held ¥2.2 trillion in cash and equivalents.
  • Outlook: Sony expects to sell fewer PlayStation 5 this fiscal year due to the ongoing chip crisis. Sony slashed its full-year outlook down to 11.5 million units from the previous 14.8 million and also reduced its sales forecast for the gaming division to ¥2.73 trillion from ¥2.9 trillion.
  • Sony upgraded its operating profit forecast for FY21 to ¥1.2 trillion, up from the previous ¥1.04 trillion.
  • Price Action: SONY shares traded higher by 4.92% at $118.10 in the premarket session on the last check Wednesday.
  • Photo by Gage Skidmore via Wikimedia
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