Sony attributed the decline in earnings to increased production costs and a decrease in sales for the studio's television productions — although it said sales for its motion pictures were up slightly.
Looking ahead, Sony Pictures revised its profit forecast for the full 2021 fiscal year upwards. The company now anticipates profits of $825 million from the pictures division, up from the $760.8 million forecast it issued in April. Total profits for the studio in 2020 were 79.9 billion yen .
At the group level, Sony Corp. reported a 26.3 percent rise in first-quarter profit, benefiting from a somewhat smaller than expected slip in pandemic-fueled demand for its PlayStation 5 gaming products. Operating profit for the quarter rose to $2.57 billion from 221.7 billion yen last year. Sony Corp raised its overall profit forecast for the full year through March 2022 to $8.98 from $8.53 .Sony’s entertainment sales were particularly strong in the music group, where profit climbed 56 percent from $326 million in Q1 of 2020 to $508 million during the period this year.More to come…
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