Sony Music Revenues Drop In 1st Fiscal Qtr
Sony Corp. reports that slower sales of new releases and soft market conditions in a number of international regions caused a 23% drop in music revenues for the first fiscal quarter of 2000, before accounting for unfavorable yen exchange rates. On a local currency basis, sales in the music business decreased
approximately 16%. Operating income for the music division declined by over $85 million.
During the quarter ended June 30, music sales decreased to ¥130.7 billion ($1.2 billion) from ¥170.7 billion ($1.6 billion). The division posted an operating loss of ¥5 billion ($47 million) vs. a profit of ¥4.6 billion ($44 million) in the first quarter of the previous year.
During the quarter ended June 30, music sales decreased to ¥130.7 billion ($1.2 billion) from ¥170.7 billion ($1.6 billion). The division posted an operating loss of ¥5 billion ($47 million) vs. a profit of ¥4.6 billion ($44 million) in the first quarter of the previous year.
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