Strong Quarter For Sony, But Music Arm Slips
Music sales and operating income slipped, but strong film results helped push Sony Corp. to its highest-ever quarterly profit for the period ended Dec. 31.
Sony reports net income of ¥125.4 billion ($1.05 billion), up from ¥64 billion ($530 million) in the same period
the year before. Sales rose 1% to ¥2.3 trillion ($19.2 billion). Sony Pictures Entertainment had operating income of ¥31.7 billion ($264 million), as revenues rose 62% to ¥256.3 billion ($2.14 billion), driven by DVD and video sales.
Sony's music division reports operating income down 9.5% to ¥20.9 billion ($174 million), and sales down 3% to ¥198.8 billion ($1.66 billion). At Sony Music Entertainment, operating income fell 10% due to a 1% sales decline, higher artist expenses, and ongoing restructuring costs. Partially offsetting this were lower promotion expenses and other cost savings. Sony Music Entertainment (Japan) saw operating income fall 6%, as sales fell 8%.
Sony's American Depositary Shares closed yesterday in New York down 34 cents at $40.81.
Sony reports net income of ¥125.4 billion ($1.05 billion), up from ¥64 billion ($530 million) in the same period
Sony's music division reports operating income down 9.5% to ¥20.9 billion ($174 million), and sales down 3% to ¥198.8 billion ($1.66 billion). At Sony Music Entertainment, operating income fell 10% due to a 1% sales decline, higher artist expenses, and ongoing restructuring costs. Partially offsetting this were lower promotion expenses and other cost savings. Sony Music Entertainment (Japan) saw operating income fall 6%, as sales fell 8%.
Sony's American Depositary Shares closed yesterday in New York down 34 cents at $40.81.
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