Sony Entertainment Reports Second Quarter Profit of $ 288 Million; Annual forecasts increased – Deadline – .

Sony Entertainment Reports Second Quarter Profit of $ 288 Million; Annual forecasts increased – Deadline – .

Sony Pictures Entertainment reported $ 288 million in operating profit for the three months ending September 30, down 7% from the same period last year. The division’s revenue, however, rose 35% to $ 2.37 billion.

Presenting its full second quarter fiscal 2021 results this afternoon in Tokyo, Sony Corp said the electronics and entertainment giant’s overall operating profit was 318.5 billion yen (2, $ 8 billion), up 1% from the same period last year. Net profit was impacted by 54%, down to 213.1 billion yen (-18% after adjustment).

Sales increased 13% to 2.37T yen ($ 21 billion) thanks to a significant increase in the Games and Network Services, Images and Music segments. Bullish in the coming months, Sony raised its operating profit forecast for the full year of 2021 to a record 1.04T yen ($ 8.8 billion).

The Pictures division also saw its forecast increase – sales are expected to reach $ 10.4 billion (1.18 billion yen) for the full year with projected profits to $ 950 million (108 billion yen). ).

For the second quarter of the Pictures segment, Sony said there was a notable increase in sales of television productions, up to $ 790 million, from $ 480 million in the second quarter of fiscal 2020. The company also cited an increase in sales resulting from the acquisition of Crunchyroll, an increase in advertising revenues in India, an increase in TV license revenues and in theatrical revenues on the films of the current year, but noted a drop in revenue due to limited theatrical releases the previous year.

Films in theaters during the quarter (Escape Room : Tournament Of Champions, Don’t Breathe 2, Show Me The Father) grossed $ 105 million worldwide. While this was a slow Q2 for SPE in terms of the box office, that will all change for the Q3.

Venom: let there be carnage, which grossed over $ 350 million worldwide, saw most of its release start in October (it was released on September 30 in Russia where it broke records) and will therefore only be counted in the next quarter which will also include the highly anticipated Spider-Man: No Path Home as good as Ghostbusters: the afterlife.

Elsewhere within Sony, the Games division saw a 22% drop in operating profit due to lower sales of PlayStation 4 hardware and a loss leading to strategic pricing on PlayStation 5 which sold 3 , 3 million units during the quarter.

Notably, Sony said playtime was down 17% year over year due to the lockdowns being lifted.


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