Sony Pictures Reduces First Quarter Loss to $68 Million

  • Variety
Sony Pictures Entertainment made a slightly smaller loss of $68 million (JPY7.6 billion) in the three months between April and June this year, the first quarter of its financial year. Revenues dropped to $1.58 billion (JPY175 billion). In the same period last year, revenues were JPY206 billion, and net losses JPY9.5 billion.

The parent company, Japanese electronics and entertainment conglomerate Sony, earned profits of $2.08 billion on revenues of $17.9 billion in the April-to-June quarter.

In early May, for the financial year running from April 2017 to March 2018, Sony announced net profits of $3.42 billion (JPY379 billion) from revenues of $77.0 billion (JPY8.54 trillion).

Sony said the picture division’s $257 million drop in revenue in the April-to-June quarter – a 14% slide – reflected lower licensing revenues and lower advertising revenues at its channels business. The smaller loss than last year reflected decreased theatrical advertising costs and strong home entertainment performance of “Jumanji: Welcome to the Jungle.”

In the quarter,
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