On falling earnings, Pixar raises forecast

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Steve Jobs' other company, Pixar Animation Studios (PIXR), offered its third quarter financial results yesterday. The company reported falling year-over-year earnings for the third quarter, but raised its profit forecast for the year.

Pixar noted that net income for the third quarter was US$6.17 million, or 12 cents per share. That's down from $8.82 million or 18 cents per share for the same quarter last year. Revenue dropped to $11.3 million from $17.3 million. Pixar cited a decline in revenue related to its films to account for the drop.

This past week its newest computer-animated film, Monsters, Inc., hit theaters nationwide and took in healthy ticket numbers -- pulling in more than $70 million by Tuesday, according to Steve Jobs. The movie is the latest effort in a multi-picture deal with Walt Disney Co. that has already yield titles like Toy Story, Toy Story 2 and A Bug's Life.

Regardless of the third quarter figures, Pixar is anticipating a better annual profit than originally expected. Pixar's profit forecast for the year is now for about 60 cents per share. Earlier guidance offered by the company pegged it at 50 to 58 cents per share.

This story, "On falling earnings, Pixar raises forecast" was originally published by PCWorld.

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