Sony Pictures saw its fiscal fourth-quarter profit hit a profit of $84 million (11 billion yen), up sharply from the $2.7 million (300 million yen) loss it reported. in the same period in 2021.
Meanwhile, revenue from the Japanese group’s picture segment increased 27.5% to $3.4 billion.
Sony Corp. reported its latest financial results on Wednesday from its headquarters in central Tokyo. The report includes results for January-April as well as full-year earnings for 2021. Full-year profit rose 172 percent to $1.67 billion ( yên217.4 billion), driven by sales theaters and licensing titles to streaming services both saw strong profits. Sony Pictures’ media networks division also saw an increase in revenue as Sony completed its $1.18 billion acquisition of professional cartoon streaming company Crunchyroll.
The international success of Marvel tents Venom: Let There Be Carnage ($506 million) and Spider-Man: There’s no way home ($1.9 billion) delivered a big boost to year-to-date profits pictured, while the $500 million blockbuster licensed the Seinfeld to Netflix also boosted revenue at Sony Pictures Television.
Sony Pictures is now forecasting a $900 million drop in profit ( yên117.4 billion) in fiscal 2022, due to an expected drop in motion-film sales – not likely to have an impact Spidermanscale on the horizon.
At the group level, Sony Corp’s operating profit fell short of analyst estimates, reaching 138.6 billion yen in the fourth fiscal quarter, compared with the consensus estimate of 148.5 billion yen. . The group also forecast operating income of 1.16 trillion yen for the current financial year, below Wall Street expectations of 1.2 trillion yen.
Sony’s PlayStation 5 console saw sales decline in the quarter due to supply chain constraints. But Sony says pent-up demand for the device should help get sales back on track to make the PS5 its best-selling console to date.
The company added on Tuesday that it would buy back 200 billion yen ($1.5 billion) of its own shares.