Sony’s Q3 Results Show Narrowed Net Loss, Film Biz Gets Boost From ‘Skyfall’
Sony Shares Rise On Report That It Will Consider Entertainment Stock Offering
Sony‘s third-quarter results for the period ending December 31 show a net loss of 10.8B yen ($124M). That marks the eighth straight quarterly loss for the Japanese giant but is a marked reduction from the $1.7B loss in the same period a year prior. Operating income was reported in the black at $534M compared to a much bigger loss in the comparable period last year. Sales and operating revenue climbed 6.9% to $22.4B and that hike was largely due to a weakening yen along with boosts in the mobile products & communication, film and financial services divisions. The movie business saw a 30.1% increase to $2.4B in sales and operating revenue and $291M in operating income. In part, Sony has James Bond’s more than $1B in box office to thank for that. The global juggernaut Skyfall, along with Hotel Transylvania, helped boost the division with home entertainment revenues aided by the strong performance of The Amazing Spider-Man and Men In Black 3. The corporation expects to have positive net income this year which would be the first time it’s been profitable in half a decade.