Sony delivered a gloomy report as it reeled from problems that ranged from surprisingly low sales of TV sets to floods in Thailand. For the quarter that ended in September, the fiscal 2Q, Sony had a net loss of $350M on sales of $20.5B. But it also slashed its projection for fiscal-year results to a $1.2B loss from a $769M profit. Sony Pictures delivered operating income of $268M, up from a $61.6M loss in the quarter last year, on revenues of $2.2B, up 17%. But that includes $278M from the sale of Spider-Man merchandising rights, as well as strong results for The Smurfs. Overall, the company says that theatrical was a drag on the higher sales of TV shows and home entertainment. The music unit sang a different tune, with operating income down 21.9% to $82M on sales of $1.3B, down 6.6%. The company attributes that to the appreciation of the yen, and lower album sales outside of the U.S.
Sony Pictures Swings To Profit In 2Q While Parent Company Forecasts $1.2B FY Loss
What's Hot on Deadline
‘Boyhood’, 'Grand Budapest', 'Lego Movie' Score Big At 65th ACE Eddie Awards -- Complete Winners List
Bryan Cranston & David Shore's ‘Sneaky Pete’ Civil Rights Crime Drama From Rene Balcer Get CBS Pilot Orders
More From Lieberman
- Why Wall Street Remains Wary About Viacom
- Are Advertisers Getting Ready To Leave The Super Bowl Party?
- Univision Extends CEO Randy Falco’s Contract To 2018
- Nickelodeon Developing A Direct-To-Consumer Subscription Service
- Viacom Q4 Revenues Miss Expectations With 6% Drop In U.S. Ad Sales
- NBC (Finally) Sells Out Super Bowl Ad Inventory