Sony Pictures Entertainment First Quarter Profit Slides To $115 Million
deadline.comSony Pictures Entertainment posted $115 million in operating income for the three months ending June 30, down 71% on a dollar basis from last year’s comparable first quarter despite a stronger theatrical slate.
Films released during the period this year were led by Spider-Man: Across the Spider-Verse which grossed $591 million worldwide as of the end of June (currently $684 million).
Other titles included The Pope’s Exorcist ($75 million global) and No Hard Feelings ($40 million global). Regarding adjusted OIBDA (Operating Income Before Depreciation and Amortization), Sony said the Pictures division came in 57% lower than the same period in 2022.
The drops were attributed to a decrease in sales and higher marketing costs in support of a greater number of theatrical releases.
Read more on deadline.com
