Sharjah24 - AFP: Sony upgraded its full-year net profit forecast on Wednesday, buoyed by the success of its latest "Spider-Man" movie and strong results in the gaming sector despite the global chip shortage.

It comes as the Japanese tech giant battles for gaming supremacy with US rival Microsoft after its blockbuster acquisition of Activision.

Sony already logged a record net profit in 2020-21, with a pandemic boom in gaming swelling its profits.

Although the huge demand for gaming is tapering now, Sony said it is continuing to see strong performances by divisions including film, games and electronics.

The conglomerate now projects a net profit of 860 billion yen ($7.4 billion) for the fiscal year to March 2022, having already hiked its full-year estimate to 730 billion yen in the previous quarter.

A favourable foreign exchange rate and expected decrease in operating losses in sectors including its corporate division will also boost its bottom line, it said.

The group cheered strong results in its film division including for "Spider-Man: No Way Home", which was released in December and could soon overtake "Avatar" as North America's third-highest grossing film.

"This is the biggest hit that Sony Pictures Entertainment has ever seen," Chief Financial Officer Hiroki Totoki told reporters.

The firm's music segment also scored a winner with Adele's latest album "30" and stronger-than-expected licence revenue in its popular anime business.

Net profit in the nine months to December 2021 was 771 billion yen, down 20 percent year-on-year, Sony said, with sales in the same period up 13 percent to 7.66 trillion yen.