- Honda and Nissan to launch merger talks
- Police arrest suspect who set woman on fire in New York subway
- China vows 'cooperation' over ship linked to severed Baltic Sea cables
- Australian tennis star Purcell provisionally suspended for doping
- Asian markets track Wall St rally as US inflation eases rate fears
- Luxury Western goods line Russian stores, three years into sanctions
- Wallace and Gromit return with comic warning about AI dystopia
- Philippine military says will acquire US Typhon missile system
- Afghan bread, the humble centrepiece of every meal
- Honda and Nissan expected to begin merger talks
- 'Draconian' Vietnam internet law heightens free speech fears
- Israeli women mobilise against ultra-Orthodox military exemptions
- Asian markets track Wall St rally as US inflation eases rate worries
- Tens of thousands protest in Serbian capital over fatal train station accident
- Trump vows to 'stop transgender lunacy' as a top priority
- Daniels throws five TDs as Commanders down Eagles, Lions and Vikings win
- 'Who's next?': Misinformation and online threats after US CEO slaying
- Only 12 trucks delivered food, water in North Gaza Governorate since October: Oxfam
- InterContinental Hotels Group PLC Announces Transaction in Own Shares - December 23
- Melrose Group Publicly Files Complaint to the Ontario Securities Commission
- Langers edge Tiger and son Charlie in PNC Championship playoff
- Explosive batsman Jacobs gets New Zealand call-up for Sri Lanka series
- Holders PSG edge through on penalties in French Cup
- Slovak PM Fico on surprise visit to Kremlin to talk gas deliveries
- Daniels throw five TDs as Commanders down Eagles
- Atalanta fight back to take top spot in Serie A, Roma hit five
- Mancini admits regrets over leaving Italy for Saudi Arabia
- Run machine Ayub shines as Pakistan sweep South Africa
- Slovak PM Fico on surprise visit to Kremlin
- Gaza rescuers say Israeli strikes kill 35
- 'Incredible' Liverpool must stay focused: Slot
- Maresca 'absolutely happy' as title-chasing Chelsea drop points in Everton draw
- Salah happy wherever career ends after inspiring Liverpool rout
- Three and easy as Dortmund move into Bundesliga top six
- Liverpool hit Spurs for six, Man Utd embarrassed by Bournemouth
- Netanyahu vows to act with 'force, determination' against Yemen's Huthis
- Mbappe back from 'bottom' as Real Madrid down Sevilla
- Ali hat-trick helps champions Ahly crush Belouizdad
- France kept on tenterhooks over new government
- Salah stars as rampant Liverpool hit Spurs for six
- Syria's new leader says all weapons to come under 'state control'
- 'Sonic 3' zips to top of N.America box office
- Rome's Trevi Fountain reopens to limited crowds
- Mbappe strikes as Real Madrid down Sevilla
- 'Nervous' Man Utd humiliated by Bournemouth
- Pope again condemns 'cruelty' of Israeli strikes on Gaza
- Lonely this Christmas: Vendee skippers in low-key celebrations on high seas
- Troubled Man Utd humiliated by Bournemouth
- 2 US pilots shot down over Red Sea in 'friendly fire' incident: military
- Man Utd embarrassed by Bournemouth, Chelsea held at Everton
Sony hikes annual profit forecast on film, gaming success
Sony upgraded its full-year net profit forecast on Wednesday, buoyed by the success of its latest Spider-Man movie and strong results in the gaming sector despite the global chip shortage.
The Japanese tech giant already logged a record net profit in 2020-21, with a pandemic boom in gaming swelling its profits.
Although the huge demand for gaming is tapering as virus restrictions are eased in many countries, Sony said it is continuing to see a strong performance across sectors including film, gaming and electronics.
The conglomerate now projects a net profit of 860 billion yen ($7.4 billion) for the fiscal year to March 2022, having already hiked its full-year estimate to 730 billion yen in the previous quarter.
"Operating income is expected to be higher than the October forecast due to expected increases in operating income in the pictures, game and network services, electronic products and solution and music segments," Sony said in a statement.
A favourable foreign exchange rate and expected decrease in operating losses in other sectors including its corporate division will also boost its bottom line, it said.
Sony expects higher sales in its film division, "primarily due to an expected increase in sales... resulting from the strong theatrical performances of 'Spider-Man: No Way Home' and 'Venom: Let There Be Carnage'," it said.
"No Way Home", released in December in the United States, became the first billion-dollar-grossing film of the pandemic era over the Christmas weekend, according to industry watcher Exhibitor Relations.
Sony expects the global chip shortage to hit sales of its PlayStation 5 console this financial year, but said operating income in its gaming sector would still be higher than previously forecast "due to an expected decrease in selling, general and administrative expenses".
The company has faced challenges rolling out the PS5, which is regularly sold out and remains hard for consumers to get hold of in part due to global supply chain disruption.
The forecast comes as Sony finds itself in a battle for gaming supremacy after US rival Microsoft snapped up "Call of Duty" maker Activision Blizzard in a landmark $69 billion deal.
Sony hit back with its own acquisition announcement this week, unveiling a $3.6 billion agreement to buy US video game studio Bungie, creator of hits such as "Halo" and "Destiny".
Net profit in the nine months to December 2021 was 771 billion yen, down 20 percent year-on-year, Sony said, with sales in the same period up 13 percent to 7.66 trillion yen.
A.Jones--AMWN