Sony Pictures Quarterly Profit Climbs to $84 Million – The Hollywood Reporter

Sony Pictures noticed its fiscal fourth-quarter backside line swing to a revenue of $84 million (11 billion yen), a wholesome uptick from the $2.7 million loss (300 million yen) it reported throughout the identical interval in 2021.

Revenue within the Japanese conglomerate’s photos division, in the meantime, soared 27.5 % to $3.4 billion.

Sony Corp. reported its newest monetary outcomes on Wednesday from its headquarters in central Tokyo. The report included January-to-April outcomes in addition to fiscal full-year earnings for 2021. Full-year revenue soared 172 % to $1.67 billion (217.4 billion yen), as theatrical income and licensing of movie titles to streaming providers each made sturdy positive factors. Sony Pictures’ media networks division additionally noticed income tick upwards because of the shut of Sony’s $1.18 billion acquisition of specialty anime streamer Crunchyroll.

The worldwide success of Marvel tentpoles Venom: Let There Be Carnage ($506 million) and Spider-Man: No Way Home ($1.9 billion) supplied a giant carry for yearly revenue in photos, whereas the blockbuster $500 million licensing of Seinfeld to Netflix additionally boosted revenues at Sony Pictures Television.

Sony Pictures is presently forecasting a $900 million (117.4 billion yen) fall in revenue for the fiscal yr of 2022, because of anticipated declines in movement photos gross sales — with no potential hit of Spider-Man‘s scale on the horizon.

On the group stage, Sony Corp’s working revenue fell wanting analyst estimates, clocking in at 138.6 billion yen within the fourth fiscal quarter, in comparison with consensus estimates of 148.5 billion yen. The conglomerate additionally forecast working revenue of 1.16 trillion for the present fiscal yr, beneath Wall Street expectations of 1.2 trillion yen.

Sony’s marquee PlayStation 5 gaming console noticed gross sales undergo within the quarter because of provide chain constraints. But Sony mentioned pent-up demand for the system ought to get gross sales again on monitor to make the PS5 its fastest-selling video games console to this point.

The firm added Tuesday that it will purchase again as a lot as 200 billion yen ($1.5 billion) of its personal shares.

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