Sony Pictures Profits Halved in Third Quarter
,” but weakness across its music, movies and games businesses meant that group profits dipped by 48% in the third quarter of its financial year.reported third quarter profits of $2.10 billion , compared with the $3.83 billion disclosed at the same point last financial year. Revenues increased fractionally to reach $22.5 billion compared with $21.4 billion .
The pictures division, which covers the Sony Pictures Entertainment unit as well as TV channel and production operations, reported profit of $51 million, compared with $102 million in the same period last financial year. Sony made no change to its latest forecast for the pictures division’s revenue and profits in the full year, which runs until March 2020. It forecasts full year sector revenue of $9.45 billion and profits of $642 .
The music division showed a revenue improvement from $1.92 billion to $1.99 billion , which came from both music publishing and from recorded music sales. But operating income dropped sharply from $1.34 billion to $332 million , as a result of the accounting changes that followed the acquisition of a 60% stake in EMI in the third quarter of 2018-19 financial year.
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