Sony Pictures Entertainment has posted a 73% jump in profits for the second quarter, snaring $366M during the July-September period. This is the third straight Q2 to see significant increases in the film segment, and is largely attributable to Marvel sequel Spider-Man: Far From Home and Quentin Tarantino’s Once Upon A Time In Hollywood.
The friendly neighborhood arachnid become Sony Pictures’ highest-grossing global release ever this summer, having caught $1.3B at the worldwide box office. Hollywood has also contributing muscle to the period with $370M global to date.
From Tokyo today, Sony Corp overall reported a 16% hike in earnings versus the comparable 2018 frame. This is a new Q2 record for the entertainment and electronics giant with operating income rising to 279B yen ($2.6B) for the three months ended September 30. Increases were cited in the Imaging, Electronics, Music and Film divisions.
'Joker' Triumphs At Polish Cinematography Festival Camerimage
Sales in film and TV were up 12% on a dollar basis, to $2.43B. However, Sony did note lower licensing revenues for its U.S. television catalog and higher development expenses in TV productions. Looking at the full fiscal 2019, SPE’s sales forecast has been revised 5% downward to $9.6B. Sony says the culprit is a delay in the timing of theatrical releases, though that will positively impact operating income whose outlook has been inched upwards to $651M.
Sony currently has Zombieland: Double Tap in theaters as it continues international rollout. On deck through the end of the year are the Elizabeth Banks-directed Charlie’s Angels, Tom Hanks-starrer A Beautiful Day In The Neighborhood and Jumanji: The Next Level which releases in mid-December.
Elsewhere, the games division was down as the PlayStation 4 console reaches its sell-by date and as the new PlayStation 5 console is coming in 2020. Sales dropped about 17% for operating income of $605M. Sony said on Tuesday that it plans to shutter its PlayStation Vue skinny-bundle TV service in order to refocus on its core videogame business. The end of the line will come next January 30.
Overall, Sony boosted its full-year 2019 outlook by 4%, aiming for 840B yen ($7.7B) in profits.
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