Sony Film Quarterly profit up to touch $366 Million

Profits of Sony Corp. hit $1.75 billion, up 15 percent on the same quarter last year. The film division was boosted by strong box office from 'Spider-Man.

Sony Pictures posted a 67 percent jump in profit to $366 million for the July to September quarter, Sony Corp. announced in Tokyo .

Revenue was up 12 percent on the same period last year. For movies alone, revenue was up from $980 million in the same quarter in 2018 to $1.306 billion, while revenue from television production was down from $614 million to $574 million.

Full-year sales and operating income forecasts for the profitable gaming business were lowered. Sony announced that its U.S. PlayStation Vue television service will shutter in January 2020 after struggling to turn a profit since its launch in 2015, and failing to find a buyer. 

"Unfortunately, the highly competitive Pay TV industry, with expensive content and network deals, has been slower to change than we expected. Because of this, we have decided to remain focused on our core gaming business," said Sony Interactive Entertainment deputy president John Kodera in a statement. "PlayStation fans can continue to access movie and TV content through the PlayStation Store on PS4 and via our partnerships with top entertainment apps."

Overall revenue at Sony Corp. was up slightly in dollar terms at $19.75 billion, compared with the same period last year, with earnings up 9 percent to $1.75 billion.