Sony Pictures Entertainment reported a $209 million profit for the three months to Sept. 30, three times the $68 million in the same period last year and reversing a $68 million loss in the previous quarter.
[profit]The robust figures were led by “Hotel Transylvania 3: Summer Vacation”, which has taken more than $520 million at the worldwide box office. Sony also credited the performance of “The Equalizer 2”, which has earned $190 million at cinemas, as well as a new accounting method and lower theatrical marketing expenses.
Sales, however, were down 3%, primarily due to the strong performance of “Spider-Man: Homecoming” and “Baby Driver” in the year-ago quarter, although this was balanced by higher TV licensing revenue for titles such as “Jumanji: Welcome To The Jungle” and “Peter Rabbit”.
Sony said it expects operating profit at the film studio to grow 6% to $443.6 million for the full year ending March 31 and revenue to hit $8.88 billion, thanks in large degree to superhero blockbuster “Venom”, which taken more than $500 million theatrical so far, and the upcoming release of “Spider-Man: Into The Spider-Verse”.
Overall, Sony Corp reported $2.15 billion in operating income, up 17% on the same quarter last year as the games division continued to perform strongly thanks to recent PlayStation 4 releases such as “Spider-Man”. The division’s sales rose 27% to $4.88 billion and operating income was up 36% to $804 million. Sony said it expects report a full-year profit of $2.75 billion.
Profit at the music division dipped slightly to $280 million as revenue from physical and downloaded music fell, while streaming revenue grew. Sony, however, upped its full-year forecast for the division due to the consolidation of EMI and the continued success of Sony Music Japan’s mobile game “Fate/Grand Order”.
The mobile phone division continued to impact on Sony’s results, with a bigger full-year loss forecast than its prediction in July. Semiconductors and financial services again contributed strongly to profitability at the conglomerate.
Overall, Sony Corp. revenue was up 6% to $19.58 billion, compared with the same period last year, with earnings up 32% to $1.55 billion. The company has raised its its full-year profit forecast to $8.65 billion.[/profit]