Sony Pictures Registers $209M Q2 Profit, Boosts Full-Year Outlook

Sony Pictures

Sony Pictures Entertainment has posted a $209M profit for the July-September period, a significant increase on last year’s similar quarter which logged $68M in earnings while last quarter saw a $68M loss. The jump is thanks in part to the robust global box office of Hotel Transylvania 3: Summer Vacation which has grossed over $520M worldwide. Reporting the Q2 earnings in Tokyo today, Sony also cited The Equalizer 2 ($190M global) as well as a new accounting method and lower theatrical marketing expenses as reasons for the division’s increase.

Boosting its outlook for the full year ending March 31 by 6%, Sony expects the Pictures segment to reach $443.6M (50B yen). Superhero hit Venom, which this weekend passed the $500M global mark, will factor in the next quarter’s report and work in favor of the full fiscal year. Notable releases on deck through the end of 2018 include Spider-Man: Into The Spider-Verse.

Conversely, sales were down 2% in the division, primarily due to the strong performance of Spider-Man: Homecoming in the comparable quarter last year. That was somewhat offset by higher TV licensing revenues for titles like Jumanji: Welcome To The Jungle and Peter Rabbit.

Overall, Sony Corp reported $2.15B (239.5B yen) in operating income, a 17% hike on the same quarter last year. The games division has continued to see strong performance with last month’s Spider-Man setting a new sales record for a Sony-developed title. The division’s sales rose 27% to $4.88B (550.1B yen) with $803.3M in income. Sony expects the full year to top out at $2.75B in profit.

The full-year earnings outlook for the entertainment and electronics giant has also now been lifted, hitting a record level at $7.7B (870B yen).

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