Sony Pictures saw a 76% jump in operating profit for the June quarter to $129 million on revenue that grew 4% to $2.3 billion as the studio said more series deliveries in the Television Productions division offset a softer theatrical release slate year-on-year for the Japanese giant’s fiscal first quarter.
Television Productions saw revenue rise to $841 million from $607 million the year before when series deliveries were slowed by the impact of Hollywood strikes.
Theatrical revenue, however, fell to $132 million from $322 million as 28 Years Later and Karate Kids: Legends went up against Bad Boys: Ride or Die the year before. Parent Sony noted higher contributions from catalog product in Motion Pictures, and said the contribution fell from catalog product in Television Productions.
Sony saw total revenue rise 2% to $17.6 billion and operating income pop 36% to $2.3 billion.
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Sony shares are up 5% on the numbers and a more upbeat forecast. The company, also a leading player in music, games and electronics, raised its full-year operating profit forecast by 4% to $9 billion, saying it anticipates a smaller impact from tariffs amid President Donald Trump’s trade war, according to Reuters. Sony sees a tariff hit of 70 billion yen based on rates as of August 1, but said the situation remains fluid.
Hiroki Totoki, president and CEO, has said Sony is interested in expanding and accelerating its entertainment focus as described in a corporate “Creative Entertainment Vision” discussed at a strategy meeting in May.
Sony’s entertainment assets make up 60% of total revenue and, he pointed out then, are growing and highly resilient, even during economic downturn. He sees Sony Pictures as a central hub for cross-company collaborations. He was especially enthusiastic about anime-focused streaming service Crunchyroll, which had 17 million paid members as of March 31.