NEW YORK (TheStreet) -- Sony Corp. (SNE) - Get SONY GROUP CORPORATION SPONSORED ADR Report stock is up by 17.15% to $23.77 in mid-morning trading on Friday, after the company reported a rise in sales in its movie operations.
On Friday, the Japanese electronic equipment company reported that sales in the company's Pictures division rose by 26.9% year-over-year to $2.18 billion during the 2015 third quarter. The increase was driven by the release of movies such as "Spectre" and "Hotel Transylvania 2," Sony said.
Sales in Sony's Music division rose by 8.2% year-over-year to $1.5 billion during the quarter, which includes the record-breaking sales for Adele's "25" album, the company added.
However, mobile communication sales fell 14.7% year-over-year to $3.2 billion due to a decline in smartphone unit sales.
"Games, music and movies are now in a position to help out when the electronics business isn't doing well," Yoshihiro Nakatani, a senior fund manager at Asahi Life Asset Management, told Bloomberg. "From the credit market point of view, Sony has become a solid investment."
Overall 2015 third quarter sales of 2.58 trillion yen were better than analysts' forecasts, the Wall Street Journal reports.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "hold" with a ratings score of C. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including poor profit margins and a decline in the stock price during the past year.
You can view the full analysis from the report here: SNE