Sony Pictures posted a $103 million loss this quarter. In its recent report, the entertainment subsidiary of Japan based Sony Corporation announced the loss in revenute, inspite of a twenty percent increase in sales due to The Angry Birds Movie ($336 million worldwide gross). Much of the loss suffered was due to Sony Corporation’s decision to suspend production at its Semiconductors and Imaging Products & Solutions segment.
Deadline reports that smartphone sales, too, suffered because of the same reason.
The recent increase in the value of Yen further reduced dollar earnings, Sony Corp. had also cut the full year sales forecast for Sony Pictures by 9 per cent amounting to￥920 billion ($8.86 billion at current exchange rates). This meanwhile, reduced its operating profit prediction from ￥43 billion to ￥38 billion ($365 million).
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The sales of PlayStation Console 4, however, came to its rescue. Music revenue has reportedly grown as well, though its current valuation $205 million (￥21 billion), is down by 74 per cent compared to the same quarter from last year.
Sony Pictures is currently relying heavily on its forthcoming projects – The Magnificent Seven starring Denzel Washington and Chris Pratt and the Tom Hanks-starrer Inferno to recoup its losses.
Photo credit: Variety.com