Sony Pictures reported huge losses
Film studio Sony Pictures reported large losses for the period from April to June 2016. According to The Hollywood Reporter, the company's financial losses amounted to $ 103 million, despite the fact that sales of its products increased compared to the same period in 2015 by 20 percent in dollar terms and by seven percent in yen terms. It is alleged that the successful distribution of some of the studio's movie projects, such as the cartoon "Angry Birds in the Movies", which earned more than $ 340 million on a production budget of $ 73 million, did not help to fix the situation, nor did advertising revenue increase in India and South America, nor the increased cost of licensing television shows. The only consolation for the studio is the fact that the fall was less than in the same period in 2015. The worsening financial performance prompted Sony Pictures to revise its forecast for the end of this year, lowering its expected revenues by nine percent. It's also worth noting that the parent company Sony Corp. said it had net income for the quarter of $ 205 million, down 74 percent from 2015. The main losses were recorded in the departments of mobile devices. The Topic of Article: Sony Pictures reported huge losses. |
