Sony reports significant fall in q2 movie revenues as company delivers a profit
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Sony Reports Significant Fall In Q2 Movie Revenues As Company Delivers A Profit You will be redirected back to your article in seconds Skip to main content August 1, 2013 4:50am SERVICES TO
SHARE THIS PAGE. The new report should provide more fodder for the campaign by hedge fund titan Daniel Loeb to revamp Sony’s entertainment operations. With disappointing results from _After
Earth_ and a drop in home video sales, Sony says today that the studio’s revenues “decreased significantly” in Q2. The results are complicated, though. When you factor in currency exchange
rates, a $106M gain from the sale of Sony Pictures’ music catalog, and higher TV ad sales in India, the Pictures unit’s revenues increased 3.6% vs the period last year to $1.6B with
operating income of $38M, up from a loss. Sony’s music operation did better with help from releases including Pink’s _The Truth About Love_ and Justin Timberlake’s _The 20/20 Experience_.
Its sales improved 13.3% to $1.1B with operating income +48.1% to $109M. Despite the weak movie numbers, investors pushed Sony shares up 3.6% in pre-market trading as the electronics company
generated a $35M profit, reversing a loss in last year’s quarter, on revenues of $17.3B, +13%. Smartphone sales were up, and the financial services operation did well — although R&D
expenses for the upcoming PlayStation 4 contributed to an operating loss for the Game segment. 1 Comments JavaScript is required to load the comments. MARKETPLACE SITE ad