Foreign Exchange Ups Sony Pictures Q1 Loss29 Jul, 2016 By: Erik Gruenwedel
The strong theatrical performance of The Angry Birds Movie wasn’t enough to offset foreign currency fluctuation as Sony Pictures saw a first-quarter (ended June 30) operating loss of $98 million, compared with an operating loss of $96.4 million during the previous-year period. Revenue increased to $1.69 billion, from $1.41 billion.
“The main reason for the operating results ‘improvement’ was a decrease in the Japanese-yen based operating loss amount resulting from the appreciation of the yen against the U.S. dollar,” Sony Corp. CFO Kenichiro Yoshida said in a presentation.
Indeed, Sony revised downward fiscal-year forecasts for sales and operating income due to the appreciation of the yen against the U.S. dollar.
Meanwhile, Sony Pictures said revenue from media networks, which includes television and digital networks worldwide, increased primarily due to higher advertising in India and Latin America.
Angry Birds has generated $344.4 million at the global box office, including $106.7 million domestically. The movie was released digitally July 29 and will be released on DVD and Blu-ray Aug. 16.