Sony Pictures Entertainment Q2 Profits Slide To $124M; Impact From Hollywood Strikes Cited
deadline.comUPDATED: Second-quarter profits at Sony Pictures Entertainment slid to $124 million for the three months ended September 30, 2024.
That’s a 39% decrease versus the similar quarter in 2023, on a U.S. dollar basis. Adjusted OIBDA (Operating Income Before Depreciation and Amortization) came in at $218 million (-26%).
This is based on revenues that were down 14% compared to last year, landing at $2.385 billion. Announcing results from Tokyo, Sony Corp said the drops were attributable to lower series deliveries in the Television Productions unit, in part due to production delays related to the Hollywood strikes in 2023.
It also cited higher programming and marketing costs in the India business in Media Networks. On an earnings call, Sony said it expects recovery in the second half of this fiscal year, and the next fiscal year.
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