Sony Reports Quarterly Loss, Cuts Forecast Amid Weak Film Unit

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TOKYO: Sony Corporation posted a net loss of 19.3 billion yen ($197 million) for the quarter ended September 30, compared to the year-ago quarter's loss of 15.5 billion yen ($157.7 million), citing a weak performance in its pictures division.

In its pictures division, the lackluster box-office performance of White House Down weighed heavily on the quarter, especially when compared to last year's release of 21 Jump Street and The Amazing Spider-Man. This contributed to an operating loss of 17.8 billion yen ($181 million) for the segment, compared to a profit of 7.9 billion yen ($80 million) in the prior year.

Overall, revenue was up 10.6 percent to 1.78 trillion yen ($18.11 billion). The increase was primarily due to a favorable impact of foreign exchange rates and a significant increase in sales of smartphones. When adjusted for the 20-percent drop in the value of the yen, revenue fell 9 percent.

As a result, Sony slashed its profit forecast for the fiscal year ending in March to 30 billion yen ($305 million) from 50 billion yen ($509 million), with problems in its electronics business, notably with televisions, and the weak performance with its pictures division.