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    6758   JP3435000009

SONY GROUP CORPORATION

(6758)
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Activision raises sales forecast on lockdown demand, new COD release hopes

10/29/2020 | 06:02pm EDT
FILE PHOTO: The Activision booth is shown at the E3 2017 Electronic Entertainment Expo in Los Angeles

(Reuters) - Activision Blizzard Inc raised its annual adjusted sales forecast on Thursday, betting on strong sales for its upcoming videogame in the blockbuster "Call of Duty" franchise as demand from stay-at-home gamers continues to rise.

The company raised its full-year adjusted revenue forecast to $8.10 billion from $7.63 billion. Analysts had expected adjusted sales of $7.94 billion, according to IBES data from Refinitiv.

Shares of the company, which fell 8% immediately after the results as some analysts viewed the improved forecast as conservative, pared most of the losses and were down marginally after the bell.

"Activision has been typically conservative going into the next quarter. Many stocks are seeing automatic 'sell the news' on earnings reports good or bad ahead of elections. Activision caught in that too," Elazar Advisors analyst Chaim Siegel said.

Big-budget videogame makers are preparing to tap the demand surge from stay-at-home players as next-generation consoles enter the market this holiday season. Activision is releasing "Call of Duty: Black Ops Cold War" on Nov. 13, closely following the launch of Sony Corp's PlayStation 5 and Microsoft's Xbox Series X.

Demand from players continues to boost videogame sales, as a surge in COVID-19 cases in several parts of the country has forced people to remain indoors.

Data from research firm NPD showed nearly $34 billion in videogame sales between January and September this year, up 21% compared to the same period a year earlier.

The company also topped third-quarter adjusted sales estimates on strong sales of "Call of Duty: Modern Warfare" and forecast holiday-quarter adjusted revenue of $2.73 billion, above Wall Street estimates of $2.63 billion.

(Reporting by Ayanti Bera in Bengaluru; Editing by Vinay Dwivedi)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ACTIVISION BLIZZARD, INC. 2.13% 92.66 Delayed Quote.-2.22%
ELECTRONIC ARTS INC. 0.22% 138.9 Delayed Quote.-3.47%
MICROSOFT CORPORATION 0.62% 266.77 Delayed Quote.19.27%
SONY GROUP CORPORATION -2.02% 10650 End-of-day quote.3.55%
TAKE-TWO INTERACTIVE SOFTWARE, INC. 1.61% 174.465 Delayed Quote.-16.15%
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Financials
Sales 2022 9 595 B 86 645 M 86 645 M
Net income 2022 743 B 6 709 M 6 709 M
Net cash 2022 3 012 B 27 196 M 27 196 M
P/E ratio 2022 17,6x
Yield 2022 0,57%
Capitalization 13 239 B 119 B 120 B
EV / Sales 2022 1,07x
EV / Sales 2023 0,96x
Nbr of Employees 109 700
Free-Float 98,2%
Chart SONY GROUP CORPORATION
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Technical analysis trends SONY GROUP CORPORATION
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TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 10 685,00 JPY
Average target price 14 466,32 JPY
Spread / Average Target 35,4%
EPS Revisions
Managers and Directors
NameTitle
Kenichiro Yoshida Co-Chairman, President & Chief Executive Officer
Hiroki Totoki CFO, Director, VP & Head-Business Administration
Shuzo Sumi Co-Chairman
Adam Alexander Crozier Non-Executive Chairman
Toru Katsumoto Chief Technology Officer, Executive VP, Head-R&D
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