Profits slip at Japan’s Sony, hit by lengthy Hollywood strike

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Sony has reported that its profit in the July-September quarter slipped 29% from a year earlier, as damage from a strike in the movie sector offset boosts from a favorable exchange rate. The Japanese electronics and entertainment company said Thursday that its quarterly sales rose 11%, gaining in its video games, image sensor and music operations. The long strike by actors and screenwriters took a toll on Sony’s movie business. A deal was reached late Wednesday, ending the longest strike ever for film and television actors. Sony executives welcomed the deal but cautioned against expecting an instant recovery in profit because marketing costs were expected to rise.