Sony Pictures Entertainment has recorded a $51M profit for the third quarter ending December 31, 2019. This is down 50% from the $102M Q3 profit it saw in the comparable period of 2018 which had be…
Once Upon A Time In Hollywoodincreased by 3% to $22.6B versus the same period in 2018. Profits for Q3, however, fell by 46% to $2.1B. The electronics and entertainment giant said today in Tokyo that the culprits were significant decreases in operating income from the music division owing to a remeasurement gain after the consolidation of EMI in Q3 2018, and in the game and network services segment.
The conglomerate however increased its full year profit forecast to $8.1B from 840B yen when it reported Q2 earnings in October. That’s due to higher-than-expected sales primarily in the financial services and imaging & sensing solutions segments, as well as an expected decrease in operating loss in other areas.
Activist investor Daniel Loeb recently again urged Sony to continue selling off non-strategic assets, insisting that the media and entertainment businesses can “stand alone.” In a letter to investors last week, he commended Sony for strong returns in 2019 but said his Third Point needs to take a hard look at its portfolio.
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