The Sony Pictures Division, made up of the company’s TV networks and the Sony Pictures studio, posted a loss of $103 million for the first quarter, even as revenue rose 7%, Deadline.com reports.
“That is partly down to the strong Yen, which has meant less earnings for the company when converted into dollars,” the report notes. “Across Sony Corp. net income was $205 million, down 70% on earnings in the same quarter last year.”
Deadline notes that an earthquake in Kumamoto in April figured into the results after it forced Sony to suspend production at its semiconductor plants for a period of time.
“Smartphone sales were also down,” Deadline adds. “Sony Corp. cut its full-year forecast for the pictures division by 9% to an estimated $8.86 billion (920 billion Yen). It also predicated a drop in its operating profit to $365 million (38 billion Yen), repping a 12% downwards forecast.”