Sony Pictures Entertainment reported a 71% decrease in operating income for the first quarter, with profits reaching $115 million. Sales in the division also declined from $2.64 billion to $2.33 billion compared to the previous year.
Sales in the division were $2.33 billion, down from $2.64 billion a year ago. The results were impacted by a decrease in deliveries of U.S. television series as well as lower home entertainment and digital streaming service licensing revenues compared to the first quarter of 2022 which benefitted from the contribution of several franchise films released theatrically in fiscal year 2021. On the plus side, this year’s first quarter saw higher theatrical revenues.
Last year at this time Sony noted there had been an increase in series deliveries, higher TV licensing and home entertainment revenues during the April-June period, plus higher sales of streaming services, which included the impact of buying anime streamer Crunchyroll.
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