Sony Pictures Entertainment Q1 Profit Dips 6% To $232M; Corp’s Overall Operating Income Jumps 26%

Sony Pictures Entertainment Q1 Profit Dips 6% To $232M; Corp’s Overall Operating Income Jumps 26%
For the three months ended June 30, 2021, Sony Pictures Entertainment posted profits of $232 million, a 6% decrease versus the same period last year on a local currency basis (27 billion yen to 25.4 billion yen). Revenue was up 15% on a U.S. dollar basis to $1.87 billion.

Films in theatrical release during fiscal Q1 included Screen Gems’ The Unholy and animated sequel Peter Rabbit 2: The Runaway. The latter has grossed $151.5 million worldwide thus far ($114 million during the quarter) with Korea and Brazil still to come.

Sony said sales grew for motion pictures while television licensing revenue also increased. There was, however, a decrease in home entertainment sales given scant theatrical releases in 2020. Profits were impacted by the above as well as higher TV production costs.

Films due in the second quarter include Don’t Breathe 2 and Venom: Let There Be Carnage.

Looking ahead, Sony raised its full-year profit projections for the Pictures division by
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