Sony's Entertainment Profits Take a Dive in Q2

Sony Pictures Entertainment had a tough Q2, with profits dipping to $124 million. This is a slide of 39% from the same period last year. Adjusted operating income was also down, coming in at $218 million, a decrease of 26%. Revenue took a 14% hit, landing at $2. 385 billion. Why the drop? Fewer TV shows were delivered, thanks to production delays from last year's Hollywood strikes. Sony's India business in Media Networks also had higher costs for programming and marketing. But don't count them out yet – they expect a recovery in the second half of this fiscal year and next year. Movie theaters did their part, bringing in $455 million from theatrical releases, similar to last year's $465 million. "It Ends with Us" was a hit, making $349. 2 million globally. Wait till Japan sees it!Compared to the previous quarter, Pictures segment revenues and profits went up, 10% and nearly 70% respectively. "Venom: The Last Dance" is also doing well, at $317 million worldwide. Overall, Sony's doing okay. The company's overall revenues hit $19 billion, a 3% increase. Operating income jumped 73% to $2. 98 billion, and net profits rose 69%. Games, Network Services, Financial Services, and Music saw significant boosts. PlayStation Network users grew to 116 million, with the Games & Networks segment's operating income up by 184%. Music profits jumped 12%. The company’s full-year forecast for operating income went up by 1%, hitting $8. 6 billion. The Pictures division forecast was lowered slightly.