Sony Corp. upgraded its earnings outlook for a second straight quarter, thanks to a plethora of hit video-game titles that are boosting the PlayStation business.
Operating profit for the current fiscal year through March will be ¥870 billion ($7.72 billion), up from the prior forecast of ¥670 billion, the Tokyo-based company said in a statement Tuesday. Revenue will be ¥8.7 trillion, compared with the previous outlook for ¥8.6 trillion issued in July.
The optimism is being fueled by growth in the PlayStation division, where last month's "Spider-Man" set a new sales record for a Sony-developed video game. With third-party releases in the December quarter also setting records, the business is providing much-needed stability during a year of uncertainty for smartphone demand, according to Damian Thong, an analyst at Macquarie Group Ltd.