Significant decreases in profits at the pictures division and financial services led Japanese electronics and entertainment conglomerate Sony to reveal corporate-wide revenues that increased by a third, but net profits that slipped by 17%, for the first quarter of its financial year.
Significant decreases in profits at the pictures division and financial services led Japanese electronics and entertainment conglomerateto reveal corporate-wide revenues that increased by a third, but net profits that slipped by 17%, for the first quarter of its financial year.
The pictures division, which spans feature film, TV production and TV networks, reported revenues of $2.33 billion and operating profits of $115 million, compared with profits of $394 million. Between April and June, Sony released six theatrical films with only “The Pope’s Exorcist” and “Spider-Man: Across the Spider-Verse” making much of an impact.
For the full financial year, running to March 2024, Sony has reduced its sales forecast for the pictures division by 3%, but kept its guidance for the division’s net profit unchanged at JPY165 billion , barely changed from the JPY168 billion actually reported for 2022-23.
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