Sony posts better than expected Q2 results | Major Businesses | Business | News | Rapid TV News
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Some strategic decisions including that to concentrate on profit rather than scale in key business lines have, literally, paid off for CE giant in the second quarter of its financial year.
Sony Pictures Networks India logos 2 Oct 2018
For the three months ended 30 September 2018, Sony posted total revenue of $19.355 billion, of which $16.05 billion was from net sales, represented a year-on-year increase of $397.46 million. Operating income was up on a yearly basis 14.7% to $2.124 billion, and net income climbed 17.28 % on an annual basis to $1.534 billion.

Looking at Sony Pictures in which TV operations are based, the company reported sales of $2.146 billion, slipping 1% year-on-year. The company attributed this to a decrease in sales for its Motion Pictures division and a decrease in worldwide theatrical revenues due to the strong performance of Spider-Man: Homecoming in Q2 FY17.

On the upside, Sony revealed in its earnings announcement that the quarter also saw higher television licensing revenues for titles released in FY17 including Jumanji: Welcome to the Jungle and Peter Rabbit, and an increase in sales for Motion Pictures and Television Productions due to the impact of a new accounting standard. In total television revenues for the quarter amounted to $607.25 million, up 19.3% compared with the same period in 2017.

The division’s operating income saw an annual increase of $133.01 million to $208.38 million, aided by the new accounting standard as well as the Impact of higher television licensing revenues for Motion Pictures. However, profits also fell due to a decrease in sales for media networks.