Sony (SNE) Tops Q2 Earnings & Revenue Estimates, Raises View

Sony Corporation (SNE - Free Report) reported decent second-quarter fiscal 2020 results, wherein the top and the bottom lines beat the respective Zacks Consensus Estimate.

Net Income

Sony’s GAAP net income surged 144.6% year over year to ¥459.6 billion or ¥367.82 per share ($4,327.6 million or $3.47 per share), primarily attributable to an income tax benefit of ¥225.8 billion.

Adjusted net income came in at ¥255.4 billion compared with ¥175.2 billion in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate by $2.57, delivering a positive surprise of 285.6%.

Sony Corporation Price, Consensus and EPS Surprise

Sony Corporation Price, Consensus and EPS Surprise

Sony Corporation price-consensus-eps-surprise-chart | Sony Corporation Quote

Revenues

Quarterly consolidated operating revenues slipped 0.4% year over year to ¥2,113.5 billion ($19,900.7 million). This reflects a significant decrease in Pictures segment sales but an increase in Game & Network Services (G&NS) segment sales. The top line surpassed the consensus estimate of $17,527 million.

Segment Results

G&NS sales grew 11.5% year over year to ¥506.6 billion, driven by an increase in game software sales as well as PlayStation Plus. The segment’s operating income was ¥104.9 billion compared with ¥65 billion in the prior-year quarter.

Music sales increased 5.3% year over year to ¥230.9 billion due to higher sales of recorded music. The segment’s operating income was ¥52.9 billion, which improved from ¥37.5 billion in the prior-year quarter.

Pictures sales tumbled 26.2% year over year to ¥192.3 billion. This was a result of a significant decrease in theatrical revenues due to theater closings on account of the COVID-19 pandemic, lower advertising revenues for Media Networks, and fall in revenues because of fewer deliveries of TV shows due to production shutdowns. The segment’s operating income was ¥31.8 billion compared with ¥39.3 billion in the prior-year quarter.

1 2 3
View single page >> |

Disclosure: Zacks.com contains statements and statistics that have been obtained from sources believed to be reliable but are not guaranteed as to accuracy or completeness. References to any specific ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.