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

Friday, February 1, 2019

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 forecasted, 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.

Related stories from TheWrap:

Amazon Delivers Record Quarterly Revenue, Surpasses Wall Street’s Q4 Earnings Expectations

Comcast Q4 Earnings Top Estimates as Universal’s ‘The Grinch,’ ‘Halloween’ Boost Box Office

Netflix Posts Record Subscriber Growth, Strong Q4 Earnings

Source: the wrap feed

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