Sony Earnings Face Setback as Loeb Criticizes Movie Unit
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Billionaire investor Daniel Loeb’s latest criticism of Sony Corp.’s film and TV studio may be borne out this week as first-quarter profit evaporates following big-budget flops at the box office.
The maker of Xperia smartphones and PlayStation consoles may break even when it announces results Aug. 1, according to the average estimate of three analysts surveyed by Bloomberg News. Sony, the world’s box-office leader last year, generated $425.8 million in ticket sales during the quarter, less than half of a year earlier, according to data compiled by Bloomberg.