Sony Corporation has revealed its financial results for the third quarter of fiscal year 2016/17, showing a 54% decrease in profit. That’s despite a strong performance from Sony’s Game & Network Services division, which includes the PlayStation brand. Game & Network Services division recorded a 5.2 percent increase in sales to $5.325 billion for the three months ending December 31, 2016. Sony attributes the year-on-year increase to a rise in PS4 software sales and the contribution of PlayStation VR after its launch in October. Sony Pictures also took a $913 million loss. Sony has that the 2016 holiday season for PlayStation Network was also strong with revenues being up 40% YoY. According to ZhugeEX on Twitter, Sony has said that they can leverage IP’s from the Games segment for Sony Pictures (E.g. Uncharted movie). Sony has also said they won’t be selling Sony Pictures and that it remains committed to turning Sony Pictures around. Sony also plans to expand it’s television business at Sony Pictures, and hopes that the upcoming Spider-Man: Homecoming and Jumanji will make for a better year then 2016 was. Sony Corporation recorded an operating income of $796 million, down from $1.80 billion for the same three-month period in 2015. Revenue also dropped, but by a lesser amount. Sony’s Q3 revenue stands at $20.668 billion for 2016, down 7.1 percent year-on-year.
Source: DualShockers
