Japanese electronics and entertainment giant Sony Group Corporation reported net profits that were down 6% to JPY327 billion ($2.53 billion) in the three months from October to December, 2022, that represent the third quarter of its current financial year. Revenues were up 13% in local currency terms, to JPY3.41 trillion ($26.4 billion).
The group-level results reflected increased sales in music and games and networks services, but weakness in the pictures division, in comparison with an unusually successful period for the unit in the last three months of 2021.
Major currency fluctuations – a rise in the US dollar against the Japanese Yen in mid-2022, followed by a more recent weakening of the US currency, also make comparison tricky. The group said that in constant currency terms, the group would have recorded a 2% drop in sales.
Operating profits at the ‘Pictures Division’ which spans feature film, TV networks and television content production, weighed in at $179 million from sales of $2.35 billion. That compares with $1.31 million of operating profits from revenues of $4.06 billion, which was a period when Sony Pictures Entertainment was benefiting from the release of “Spider-Man: No Way Home,” the latest instalment in one of the studio’s richest franchises.
Earlier on Thursday, Sony Group revealed a significant boardroom shuffle.
Yoshida Kenichiro, will retain his current roles as chairman and CEO but relinquish the title of president to Totoki Hiroki, with effect from April 1, 2023. Totoki, currently CFO, is to become president, remains as CFO and gets an additional new role as COO.
The moves were presented as strengthening management structure of a diverse and multifaceted conglomerate. The board reported in a regulatory filing that the changes were unanimously approved.
Source: Variety
