Sony Corp. reported a 68 percent drop in profit for its fiscal first quarter at Sony Pictures, with revenue at the pictures division slightly down to $2.3 billion. The decrease in profit was attributed to lower revenue from new TV series and streaming licensing, despite an increase in theatrical sales. Additionally, promotional costs also rose during the period.
Pictures saw its fiscal first-quarter bottom line drop to a profit of $115 million , down 68 percent from the $394 million profit it reported during the same period in 2022.
While theatrical sales were up, revenue from new TV series and streaming licensing were down. Promotional costs also increased. Revenue in the Japanese conglomerate’s pictures division, meanwhile was down 6 per cent to $2.3 billion.profit forecast for the current fiscal year, ending in March 2024 is for 120 billion yen, unchanged at $835 million at current exchange rates.
Sony Corp. reported its latest financial results, covering the firm’s performance from April to June, on Wednesday from its headquarters in central Tokyo.was its biggest earner, taking $591 million globally since its release at the beginning of June, whileMorbiusSony stock was trading almost flat in Tokyo before the earnings announcement at ¥12,960 but is up around 10 percent over the last year.
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