Trending: Sony's Net Profit Falls as Movie Earnings Slump
1050 GMT - Sony Group Corp. is among the most mentioned companies in the news over the past seven hours, according to Factiva data, after the Japanese electronics and entertainment company reported a 5.6% drop in third-quarter net profit to 326.81 billion yen ($2.53 billion) despite revenue increasing 13% to Y3.413 trillion. Sony said operating profit from its movie business fell 83% to Y25.445 billion in the three months ended December. The sharp drop followed a strong year-earlier quarter, when "Spider-Man: No Way Home" and "Venom: Let There Be Carnage" were released. Its operating profit from other segments rose, led by its game division as PlayStation 5 sales soared. The company trimmed its full-year revenue growth forecast to 16% from 17% and guided for net profit to fall 1.4%, narrower than previously expected. Sony said Chief Financial Officer Hiroki Totoki will assume the president and chief operating officer roles in April. Dow Jones & Co. owns Factiva. (email@example.com)
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February 02, 2023 06:05 ET (11:05 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.