Sony Group Corporation (NYSE:SONY) reported its Q3 results, with moderate revenue beat and substantial operating margin beat. Net profits for the quarter came in at $1.3 billion, with most of the earnings coming from its blockbuster hit “Spider-Man: No Way Home”. Total revenue/operating income was up 13%/32% year-over-year.

PS5 unit sales were 3.9 million in Q3, down 13% year-over-year. The company lowered its 2021 shipment target again, down from 14.8 million to 11.5 million due to chip shortages. Implied PS5 unit sales in Q4 are 2 million, representing a 39% year-over-year decline.