Spider-Man helps lift Sony quarterly profit 44%

Sony Group reported a 44% rise in net income for the July-September quarter, as the box-office success of Spider-Man: Brand New Day helped lift results across its entertainment businesses. Net income reached 449.6 billion yen, compared with nearly 311 billion yen a year earlier, while revenue increased 10% to 3.43 trillion yen. Operating income was 622.3 billion yen, up 45% year over year, and revenue exceeded analyst expectations, according to the company’s quarterly results. The profit figures refer to different measures: net income was Sony’s overall earnings after expenses, while operating income reflects performance from its businesses. Sony Pictures Entertainment reported revenue of $3.23 billion for the quarter, up 37%, and operating income of $488 million, a 527% increase from a year earlier. The company attributed the results largely to the theatrical performance of Spider-Man: Brand New Day. The film’s worldwide box-office total was reported at about $2.5 billion. Sony Pictures’ theatrical revenue rose to $1.28 billion. Television revenue was $483 million, down year over year, partly offsetting the theatrical growth. Sony also reported higher operating profit and...