Sony Reports Q3 Earnings Ahead of Expectations Following Success of ‘Venom’

The Sony Pictures film division saw a boost from “Venom’s” $855 million worldwide box office draw

Last Updated: February 1, 2019 @ 6:15 AM

Sony Corp. reported earnings for the 2018 fiscal third quarter on Friday that were above Wall Street’s expectations for the entertainment and technology company.

The Sony Pictures filmed division, which includes the motion pictures business as well as TV production and media networks, reported profits improved to $2.54 billion for the third quarter, compared with $2.37 billion in the year-earlier period.

The Sony Pictures movie division recorded a $107 million profit for the quarter, which was up compared with $93 million in the same quarter the previous year. The film unit was buoyed by the theatrical success of “Venom,” which pulled in $855 million worldwide.

The Japan-based parent company reported $3.78 billion in net profit for the three-month period ending in December. Earnings per share were $2.93 for the quarter, above the $1.82 per share earnings one analyst via Yahoo Finance had forecast, and ahead of the $2.06 per share the company reported during the same quarter a year ago.

Revenue amounted to $21.3 billion, slightly below the $23.6 billion the sole analyst covering on Yahoo Finance expected.

The entertainment and electronics division’s revenue was boosted by the strong performance of PlayStation 4 games like “Marvel’s Spider-Man,” as well as improving streaming sales and publishing income in its music division.

Sales in its game division were up 10 percent, but profit fell due to the impact of currency fluctuations and lower sales of the PS4 consoles and discounts offered during the holiday season.

In the music division, sales were down 4 percent, but profit more than tripled to $1.35 billion thanks to a boost from the consolidation of its stake in EMI Music Publishing.