- Sony Pictures Entertainment
- Total Nominations: 21
- Best Picture nominees: American Hustle, Captain Phillips
- SNE Stock: Thumbs down
Although movies by Sony Pictures, a unit of Tokyo-based Sony, won seven Golden Globes, making it the frontrunner on Oscar Sunday, the stock has not been a stellar performer. The company has only reported a net profit in one of its past six fiscal years.
The only reason it did so in fiscal third quarter was due to income derived from the sale of property in New York and Tokyo. At least the $231 million profit was an improvement from the previous quarter, when it lost $181 million. Sony is also in the middle of a major cost-cutting rampage to the tune of $350 million. Profits for film and TV dropped 4.2% from the same quarter a year ago, but revenue grew 7.1% to $2.13 billion.
The financial results could have been much worse had it not been for Captain Phillips and Cloudy with a Chance of Meatballs. Each film grossed more than $200 million. Third-quarter revenue was also buoyed by video-on-demand requests for television show Breaking Bad.
The big picture for Sony does not win any awards. As part of Sony’s third-quarter earnings release, Sony forecast a $1.1 billion annual loss due to restructuring and announced the future sale of the personal computer division, Vaio. Sales of PlayStation 4 have been brisk, one bright spot for the struggling company.