Sony Corp Slashes 2012/2013 Outlook, Movie Studio Delivers Mixed Results

Last weekend, Sony Pictures crossed the $1B domestic gross milestone thanks to strong performers that include The Amazing Spider-Man, Men In Black 3 and 21 Jump Street. Today, the studio is a mixed factor in Sony Corp’s 1st quarter consolidated results. The movie division had a 6.2% year-on-year hike in sales with revenues at $1.94B. Still, there was a $62M loss in operating income which Sony attributes to higher marketing expenses related to such pictures as The Amazing Spider-Man which was released in June and had taken $654.8M as of last weekend. Overall, Sony Corp slashed its 2012/13 forecast blaming sluggish global economies and unfavorable exchange rates. Operating profit is now forecast to be $1.66B, down from an earlier prediction of $2.3B. Profit for the fiscal year ending in March 2013 will hit about $255M, the company said, as it downshifted from a previous prediction of $383M. For the first quarter ended June 30, sales of $19.18B made for a 1.4% year-on-year increase primarily due to the strong performance of the conglom’s Game, Mobile Products & Communications division. But, the Home Entertainment & Sound segment of the business saw a sharp decrease of 26.2% with LCD TV units moving at a reduced pace.

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