‘Spider-Man’ Swings Sony Pictures To $68M Profit; Corp’s Q2 Surges

Sony Pictures

UPDATE: After reporting a 346% increase in Q2 operating income today in Tokyo, Sony Corp shares on the New York Stock Exchange set a new 52-week high, up more than 14% to $44.50 in mid-day trading.

PREVIOUS, 12:07 AM PT: Spider-Man: Homecoming helped swing Sony Pictures Entertainment operating income to $68.1M (7.7B yen) for the 2nd quarter ended September 30. That’s a 140% year-on-year increase on a local currency basis. The boost in the division’s fortunes was expected with the Jon Watts-helmed reboot currently the No. 4 film of 2017 worldwide at $880M ($334M domestic/$546M international box office). Last year’s similar period generated a $32M profit. Revenues in the film unit for Q2 this year grew to $2.16B.

Overall, Sony Corp revenue saw a 22.1% increase to $18.2B versus the same quarter of 2016. That frame had seen a 10.8% drop. Operating income was up 346.4% to $1.8B. On the results, Sony increased its full-year profit forecast to $5.57B (from 500B yen to 630B yen). If it hits the figure, that would top the previous 526B yen record set in March 1998 during the early PlayStation years and amid the box office success of Men In Black. The new outlook exceeded estimates of 26 analysts surveyed in a Thomson Reuters Starmine poll.

In Games, there was a 25% jump in sales on a constant currency basis to $3.8B (433.2B yen) and a profit surge of 188.3% to $485M (54.8B yen). The company credits increased sales of PlayStation 4 software and hardware.

Pictures also was boosted by significantly higher advertising and subscription revenues from India’s TEN Sports Network, which SPE acquired in February, as well as from SPE’s other networks in that market. The full-year forecast in the Pictures division is flat at $345M (39B yen). Among upcoming titles through March 2018 are Dwayne Johnson-starrer Jumanji: Welcome To The Jungle, the animated Peter Rabbit and Albert Hughes’ Alpha.

This article was printed from https://deadline.com/2017/10/sony-earnings-second-quarter-2017-spider-man-homecoming-profit-pictures-record-forecast-1202198253/