Sony Pictures Entertainment reported a decline in operating income for the second quarter, despite a strong lineup of films. The standout performer was “Spider-Man: Across the Spider-Verse,” which grossed over $591 million worldwide. Other notable releases included “The Pope’s Exorcist” and “No Hard Feelings.” Adjusted OIBDA for the Pictures division was also lower compared to the same period last year, attributed to decreased sales and higher marketing costs.
In terms of sales, the division saw a decrease from the previous year, impacted by lower deliveries of U.S. television series and reduced revenues from home entertainment and digital streaming services. However, theatrical revenues were higher in the first quarter of this year.
Sony Corp has revised its full-year forecasts for the fiscal year ending March 31, 2024. While profits in the Pictures segment remain unchanged, revenues are expected to be slightly lower due to the ongoing strikes by the Writers Guild of America and SAG-AFTRA. The strikes have led to release date changes and delays in television series deliveries.
Upcoming releases in the second quarter include “Gran Turismo,” “The Equalizer 3,” “Dumb Money,” and “Insidious: The Red Door.”
Overall, Sony Corp reported a decline in first-quarter operating profit, but revenues in other segments saw increases. During an earnings call, Sony Corp President Hiroki Totoki addressed the strikes and expressed the company’s commitment to finding a resolution as soon as possible.
