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Sony Pictures Confirms Hack-Delayed Q3 Profit of $51m, More Than Double February Forecast
Sony Pictures generated a profit of $51 million (￥6.2 billion) in the quarter ended Dec. 31 (the period affected by the hacking attack), more than the $20 million it had predicted in February, Sony Corp. announced in Tokyo on Tuesday.
That was down 75 percent from the year-ago period in yen terms.
Revenue at the pictures division came to $1.707 billion (￥206.6 billion) for the fiscal third quarter, up from the Feb. 4 estimate of $1.633 billion. Compared with the same quarter in 2013, revenue was down 20 percent on a dollar basis but only 7.7 percent in yen, due to the weakening of the Japanese currency.
The final announcement of Sony's third-quarter earnings was delayed by the hack by a group calling itself Guardians of Peace, which caused huge disruption to the operations of Sony Pictures Entertainment in November and December.
Sony explained at the Feb. 4 provisional announcement that much of the damage caused by the hack was covered by insurance and predicted a cost of approximately $15 million, an amount confirmed in today's figures.
Read the full story: www.hollywoodreporter.com
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