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Published On: August 9, 2023 01:00 PM NPT By: Agencies

Sony Pictures Quarterly Profit Drops to $115M

Sony Pictures Quarterly Profit Drops to $115M

Sony Corp. reported its latest financial results in Tokyo on Wednesday, with revenue at the pictures division down slightly to $2.3 billion, according to the report by The Hollywood Report.

Sony Pictures saw its fiscal first-quarter bottom line drop to a profit of $115 million (16 billion yen), down 68 percent from the $394 million (50.7 billion yen) 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.

Sony Pictures 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.

Spider-Man: Across the Spider-Verse was its biggest earner, taking $591 million globally since its release at the beginning of June, while The Pope’s Exorcist logged $75 million. The same period last year saw just releases globally of Morbius ($167 million in total global sales) and Father Stu ($22 million).

Sony stock was trading almost flat in Tokyo before the earnings announcement at ¥12,960 ($90.54) but is up around 10 percent over the last year.

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