Sony Pictures Posts $68 Million Quarterly Loss

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Sony Pictures posted a loss of $68 million for the fiscal first quarter, which ran April to June, compared to an $87 million loss in the same period last year, the company announced in Tokyo on Tuesday.

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Revenue was down 15 percent, or14 percent on a dollar basis, affected by lower theatrical revenues in the absence of any major movie releases during the quarter, as well as lower advertising revenues and television production sales. Operating income improved thanks to lower theatrical advertising costs and strong entertainment sales from Jumanji: Welcome to the Jungle.

 

Sony upped its forecast for full-year revenue for the film division to ¥990 billion ($8.89 billion at current exchange rates) and operating profit of ¥44 billion ($395 million).

 

Sony stock closed up slightly at ¥5,875 ($52.85) in Tokyo before the results, inline with the Nikkei 225 index.

Written By: Tommy Lightfoot Garrett
Photographs are Courtesy:  Sony
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