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Dow Jones Newswires: Sony shares gain on better-than-expected quarterly profit

Sony Group Corp. shares 6758, +4.70% gained Friday morning after its third-quarter net profit beat analysts’ expectations and the company raised its fiscal year net-profit forecast.

Shares were recently 4.8% higher at 12,045 yen ($93.58) after rising as much as 5.8% earlier.

The company said Thursday after market close that net profit fell 5.6% from a year earlier to 326.81 billion yen ($2.54 billion) for the quarter ended Dec. 31. That exceeded the estimate of Y282.63 billion profit in a poll of analysts by Quick.

While operating profit from its movie business fell from a high base a year earlier, operating profit from all other segments increased, led by its game business.

Operating profit from its game business rose 25% to Y116.25 billion as the segment’s revenue jumped 52% to Y1.212 trillion thanks partly to strong sales of PlayStation 5 consoles.

Sony said it expected to sell 19 million PlayStation 5 consoles for the fiscal year ending in March, or 1 million more than its previous target, and boosted its fiscal-year operating profit forecast for its gaming business to Y240.0 billion from Y225.0 billion projected earlier.

The company now expects net profit to drop 1.4% to Y870.00 billion, less than the 4.8% decrease previously projected.

Sony also said Chief Financial Officer Hiroki Totoki would assume additional roles of president and chief operating officer on April 1, while Kenichiro Yoshida would remain chairman and chief executive officer.

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