Sony Pictures Posts ‘Amazing’ Q3 Results7 Feb, 2013 By: Erik Gruenwedel
Sony Pictures Entertainment Feb. 7 reported third-quarter (ended Dec. 31) operating income of $291 million, compared with operating income of $9 million during the previous-year period. Revenue topped $2.4 billion, up 20% from revenue of $2 billion last year.
Sony Pictures, which includes Sony Pictures Home Entertainment, attributed the surge to significantly higher theatrical and home entertainment revenue from the current year’s film slate.
Theatrical revenue rose due to the strong performance of Hotel Transylvania, while home entertainment revenues increased due to the strong performances of The Amazing Spider-Man and Men in Black 3.
Television revenue was essentially flat year-on-year primarily due to higher advertising revenue from Sony’s television networks in India, offset by lower revenue from U.S. television network programming.