Friday, January 18, 2019

NOW SONY’S FILM DIVISION IS REPORTING LOSSES, TOO

October 31, 2013 by · Leave a Comment 

In recent years, the one bright spot on Sony’s financial profile has been its film division. Not so this year. On Wednesday the giant Japanese conglomerate cut its profit forecast for 2013-14 after results for the second quarter showed that Sony Pictures’ revenue dropped by 13 percent, principally as a result of several box-office flops — most especially the big-budgeted White House Down. The picture remained dim for Sony’s electronics division as well, which also reported a loss. The situation might have been worse had it not been for the fact that the Japanese yen has slid over the past year. Sony also saw a rise in the sales of smartphones and small profits for its PlayStation games division.