Sony Operating Profit Rises 22% Despite Softer Film Business
Sony once again had its Playstation and camera imaging units to thank for the increase in its fiscal third-quarter operating income, with results strong enough that it also raised its expectations for the full year.
The Japanese entertainment and technology conglomerate, however, continued to see its Pictures unit, which includes films and TV shows, retreat with lower revenue and operating profit.
Overall, Sony posted operating income of 515 billion yen ($3.28 billion), up 22% from a year earlier. The company also raised its full-year operating income forecast by 8% to 1.54 trillion yen, or $95.6 billion.
Sony’s total revenue for the December quarter inched up 0.5% to 3.7 trillion yen ($24 billion).
Gaming continues to be a powerhouse for Sony, with operating income up 19% to $897.9 million. Its image sensor business, which powers the cameras in many popular handsets like Apple’s iPhone, saw operating profit rise 35%.
Both sales and operating income fell for the Pictures unit, with the December quarter a quiet period for releases. The biggest release in the period was anime film “Chainsaw Man – The Movie: Reze Arc,” while “Anaconda,” a comedy starring Jack Black and Paul Rudd, was a late contributor with a Christmas Day debut.
The company’s next big film is the animated comedy “Goat,” about an anthropomorphic goat who aspires to play basketball in a league full of larger animals like giraffes and rhinos. It’s banking on its partnership with Stephen Curry and opens on Feb. 13 ahead of the NBA’s All-Star Weekend.
Music was another positive with operating income rising 9% over a year earlier.
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