Sony Pictures quarterly profit rises to $84 million – The Hollywood Reporter

Sony Pictures saw its fiscal profit fluctuate to a profit of $84 million (11 billion yen) in the fourth quarter, a healthy increase from the $2.7 million (300 million yen) loss it reported for the same period in 2021.

Meanwhile, sales of the Japanese conglomerate’s photo division rose by 27.5 percent to $3.4 billion.

Sony Corp. announced its latest financial results on Wednesday from its headquarters in downtown Tokyo. The report included results from January to April, as well as full-year fiscal results for 2021. Full-year profits increased 172 percent to $1.67 billion (217.4 billion yen), as theater revenue and licensing movie titles to streaming services both rose sharply. profits. Sony Pictures’ media networks division also saw revenue rise as a result of the completion of Sony’s $1.18 billion acquisition of specialty anime streamer Crunchyroll.

The international success of Marvel tent poles Venom: Let There Be Carnage ($506 million) and Spider-Man: No Way Home ($1.9 billion) boosted annual photo profits as the blockbuster $500 million licensing of Seinfeld to Netflix also boosted sales at Sony Pictures Television.

Sony Pictures currently forecasts a $900 million (117.4 billion yen) profit decline for fiscal year 2022, due to projected declines in movie sales — with no potential hit from Spider Man‘s scale on the horizon.

At a group level, Sony Corp. operating profit lagged analysts’ estimates, clocking in at 138.6 billion yen in the fourth fiscal quarter, compared to consensus estimates of 148.5 billion yen. The conglomerate also forecast operating income of 1.16 trillion for the current fiscal year, below Wall Street’s expectations of 1.2 trillion yen.

Sony’s standout PlayStation 5 game console saw sales suffer in the quarter due to supply chain constraints. But Sony said pent-up demand for the device should get sales back on track to make the PS5 the fastest-selling game console yet.

The company added Tuesday that it would repurchase as much as 200 billion yen ($1.5 billion) of its own shares.

Leave a Comment