Sony Corp. reported fiscal first quarter revenue late Monday that exceeded Wall Street expectations.
The Japan-based entertainment and technology company reported a net profit of $ 1.4 billion for the three-month period ending June, down 33% compared to revenue reported by Sony in the same quarter a year ago . Earnings per share were $ 1.08, which is above the 82 cents per share earnings forecasts of analysts surveyed by MarketWatch.
Total revenue for the quarter was $ 17.5 billion, down about 1% from last year and below $ 18.8 billion. the only analyst covering the company at Yahoo Finance expected.
Sony said Sony Pictures' film division, which includes the movie industry, TV production and media networks, reported higher theater revenue in the quarter, in part thanks to the theatrical releases of " But in Black: International. ”
The Sony Pictures segment generated revenue of $ 1.70 billion in the quarter and operating revenue of $ 3 million.
"But in Black: International," which was the biggest release of the quarter for Sony, has collected $ 247.7 million worldwide at the box office. o date, not all by the quarter. Sony also said it was helped by the release of "Spider-Man: Far From Home," which recently passed the $ 1 billion mark at the box office.
During the company's first quarter, it also released "Invaders," which contributed $ 36 million in office revenue, and "Brightburn," which collected $ 31 million in the box office during the quarter.
In June, Sony acquired renewed pressure from activist investor Dan Loeb, who asked the company to start its semiconductor business, sell its stake in Spotify and double down on becoming a "creative entertainment company."
Loeb's investment firm, Third Point Management, disclosed a $ 1.5 billion investment in Sony, saying that the electronics and entertainment company's "complex structure and business team" has led to stock price discounts. The company claimed that the move would allow the company to "reduce complexity" and emphasize its gaming, music and film business.
Sony shares are up about 1.7% over the past five days, gaining 13.3% year-to-date.