Sony Q2 Results Show Small Operating Profit, Film Sales Down 3.7%
Sony Stock Tumbles After Debt Downgrade
Sony today recorded its seventh straight quarterly loss to 15.5B yen ($194M), but Q2 operating profit was up to 30.3B yen ($379M) for the period ending September 30. That’s compared to a loss of 1.64B yen in the same quarter a year ago. The increase was helped by the recently completed sale of Sony’s chemical business. The company maintained its full-year operating profit forecast of $1.63B, but reduced its forecast of sales on some handheld devices and TV sets. Overall sales were up 1.9% year-on-year to $20.57M. On the film side, sales were down 3.7% year-on-year to 163B yen ($2.09B). The company said the decrease was “primarily due to the sale of a participation interest in Spider-Man merchandising rights in the same quarter of the previous fiscal year,” which was partially offset by higher theatrical revenues for this year’s release slate including The Amazing Spider-Man. Television revenues were essentially flat year-on-year as higher U.S. network programming revenues were offset by lower U.S. made-for-cable programming revenues. Operating income decreased 12.7B yen year-on-year to 7.9B yen ($101M) for the division.