Sony Trims Annual Profit Forecast After Bungie Purchase

Tokyo, (UrduPoint / Pakistan Point News - 29th Jul, 2022 ) :Sony trimmed its annual net profit forecast on Friday, partly due to acquisition expenses, including the purchase of game studio Bungie.

The PlayStation manufacturer now predicts net profit for 2022-23 will total 800 billion Yen ($6 billion), down from the 830 billion yen previously forecast.

It said the predicted increase in acquisition expenses was "mainly due to the acquisition of Bungie, Inc. being completed earlier than the assumed timing".

Sony announced in February it was buying the creator of hits like "Halo" and "Destiny" weeks after its US rival microsoft unveiled a landmark pact to acquire "Call of Duty" maker Activision Blizzard.

Microsoft says its massive merger will make it the third-largest gaming company by revenue, behind Tencent and Sony -- marking a major shift in the booming gaming world.

Sony also said Friday it expects higher sales for anime streaming services, "including the impact of the acquisition of Crunchyroll", the world's largest online library of Japanese animation.

And it sees higher licensing and home entertainment revenues for its motion pictures sector, led by the success of titles released in the last financial year.

In the April to June quarter, the Japanese conglomerate posted a three percent year-on-year rise in net profit to 218.2 billion yen, with sales up around two percent to 2.3 trillion yen.