Sony net profit soars in April-June quarter

01 August, 2017, 22:56 | Author: Randy Kelley
  • Sony posts 181 percent profit surge for Q1 2017

Sales and operating revenues climbed 15.2 percent to 1.86 trillion yen or $16.59 billion from prior year's 1.61 trillion yen.

The company left unchanged its full-year operating profit forecast at ¥500 billion - which if achieved will be its best level in two decades - but raised its sales forecast to ¥8.3 trillion from ¥8.0 trillion.

Sony, which makes the Spider-Man series movies and the PlayStation 4 game console, stuck to its annual forecast for a 255 billion yen ($2.3 billion) profit, up dramatically from 73 billion yen posted the previous fiscal year. As you can see from the pictures you will find at the end of the news, the company's revenue and profits are both firmly positive and show a substantial increase in the annual prospect.

The near quadrupling of its group net profit in the April to June quarter on year, was owing to a resurgence of its semiconductor business, Sony said.

Operating income suffered a bit as well, registering ¥17.7 billion from the ¥26.3 billion earned during the same period a year ago.

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Sony adds that Network Revenue rose 34% year-on-year. Television Productions sales increased significantly, primarily due to higher licensing revenue for US series such as The Last Tycoon and Better Call Saul.

"Sales increased 5.4% year-on-year (a 4% increase on a constant currency basis) to 348.1 billion yen".

- Visual and Media, which houses its mobile game apps, saw revenue increase to $435.6 million (48.4 billion yen), up 46.4 percent from the first quarter of 2016 when revenue totaled $305.8 million (33.05 billion yen). This increase was primarily due to an increase in PlayStation 4 ("PS4") software sales including sales through the network, as well as the contribution of PlayStation VR, partially offset by the impact of a price reduction for PS4 hardware which took place in September 2016.

As Business Insider notes, there are several reasons why the PS4 found its way to the top and stayed there: It was the cheapest console at launch, it's a versatile machine that can do a lot more than just play games, and it has some strong exclusive titles.

Sony expects semiconductors to continue to be a cash cow, as demand for image sensors will grow with improving smartphone specifications.

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