Sony has reported that its revenue within the July-September quarter slipped 29% from a 12 months earlier, as injury from a strike within the film sector offset boosts from a good trade charge
ByYURI KAGEYAMA AP enterprise author
November 9, 2023, 3:29 AM
FILE – The emblem of Sony is seen at its showroom in Tokyo on July 29, 2022. Sony’s revenue slipped 29% from a 12 months earlier in July-September, as injury from a strike within the film sector offset good points from a good trade charge, the Japanese electronics and leisure firm stated Thursday, Nov. 9, 2023. (AP Photograph/Shuji Kajiyama, File)
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TOKYO — Sony’s revenue slipped 29% from a 12 months earlier in July-September, as injury from a strike within the film sector offset good points from a good trade charge, the Japanese electronics and leisure firm stated Thursday.
Tokyo-based Sony Corp.’s quarterly revenue totaled 200 billion yen ($1.3 billion), down from 282 billion yen a 12 months earlier.
Quarterly gross sales rose 11% to 2.7 trillion yen ($18 billion), with good points in video video games, picture sensor and music operations and weak point in its monetary and leisure expertise providers.
The extended strike by actors and screenwriters took a toll on Sony’s film enterprise. A deal was reached late Wednesday, ending the longest strike ever for movie and tv actors.
Sony executives welcomed the deal however cautioned towards anticipating an on the spot restoration in revenue as a result of advertising and marketing prices have been anticipated to rise as soon as extra films begin shifting by the pipeline for theatrical releases.
The three-year contract nonetheless should be accepted by the board of the Display screen Actors Guild-American Federation of Tv and Radio Artists and its members in coming days. However union leaders declared the strike was over at 12:01 a.m. Thursday.
A number of the injury from the strike was offset by a good trade charge, in keeping with Sony, which makes PlayStation sport machines, Spider-Man films and Aibo robotic canines.
The Japanese yen has been declining recently, buying and selling at about 150 yen to the greenback, and a weak yen is a plus for exporters like Sony once they repatriate their abroad earnings.
Sony stated it has offered 40 million PlayStation 5 online game consoles to date. In its music unit, among the many latest top-earning releases have been “Utopia” by Travis Scott, the “SOS” album by SZA and “Harry’s Home” from Harry Kinds.
Sony raised its full 12 months revenue forecast to 880 billion yen ($5.8 billion) from an earlier projection for an 860 billion yen ($5.7) revenue. That’s decrease than the revenue recorded the earlier 12 months at 1 trillion yen.
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Yuri Kageyama is on X, previously Twitter https://twitter.com/yurikageyama
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