Croods Lifts Dreamworks Animation
Dreamworks Animation saw its profit soar a whopping 73 percent during the second quarter thanks to strong ticket sales for The Croods, which took in $584 million worldwide. That result No Doubt buoyed enthusiasm for DWA's Stock, which jumped 5 percent in after-hours trading on Wednesday. It had been falling, a reflection of poor domestic box-office results for its newest release, Turbo. However, during a conference call with analysts, DreamWorks Animation chief Jeffrey Katzenberg said that the outlook for Turbo is not nearly so dismal as some analysts have made it out to be. Based on the data that we have to date, we do believe that Turbo will be a profitable film for us, Katzenberg said. He blamed the slow start on an overly saturated marketplace, referring to a slew of animated family films that have been released this summer ahead of Turbo.