Sony raised its annual operating profit forecast by 30% after a strong quarter | Finance and Markets

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Japanese company Sony raised its annual operating profit forecast by 30% after a strong quarter, boosted by popular games, and amid the growing demand for its online gaming services. Sony expects annual profit of 870 billion JPY (7.7 billion USD) compared to the previous forecast of 670 billion JPY. For comparison, the consensus estimate of the analysts was 796.4 billion JPY.

The operating profit of the Japanese entertainment and electronics company rose by 17% to 239.5 billion JPY (2.1 billion USD) for the quarter from July to September.

The expectations for strong performance were upgraded after the business publication Nikkei said on Saturday that Sony would generate a record operating profit for the first half of the year, and this would happen for the second consecutive year.

Although the sales of the PlayStation 4 console, which is already five years old, are offset by the bigger gaming hits that are exclusive to Sony as the action adventure title “God of War”, the latest version of which was released in April, as well as Marvel’s Spider-Man, which was launched in September.

The subscription service PlayStation Plus also enjoys a large subscriber growth, while on the Japanese market the role-playing game Fate/Grand Order continues to enjoy a strong performance.

Sony also raised its forecast for its chips division, which includes image sensors, up to 140 billion JPY from 120 billion JPY.