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Sony sees recovery with a almost quadrupling of profit

01 August 2017, 10:56 | Gina Pena

Sony sees recovery with a almost quadrupling of profit

Sony posts 181 percent profit surge for Q1 2017

- Physical sales remained strong for recorded music, growing to $301.8 million (33.53 billion yen), up 16.2 percent from the corresponding period past year, when it totaled $267 million (28.9 billion yen).

Sony announced that it will launch Knack 2 and Gran Turismo Sport during this year's holiday season, and recently revealed the Destiny 2 PlayStation 4 Pro bundle which will go on sale later this year.

Bloomberg reports that Sony now controls roughly 50% of the world market for image sensors, up from about 40% in 2015.

Japan's Sony Corp on Tuesday reported its highest-ever first-quarter operating profit, taking the electronics giant one step toward its highest annual profit in two decades on the back of robust sales of image sensors.

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

Sony Corp. said Tuesday its group net profit in the April to June quarter almost quadrupled from a year earlier to 80.87 billion yen ($730 million) mainly on the back of a recovery in its semiconductor business.

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The latest profit results are great news for a company that was reeling past year after powerful earthquakes in Japan caused severe damage to Sony's sensor production facilities.

The profitability of the game business is expected to improve in the second half of the business year as more titles get released, Sony said. This significant increase was primarily due to increases in Financial Services and Semiconductors segment sales.

It retained projections for net profit of 255 billion yen, more than triple that of the previous year when it wrote down the value of its USA film business, while operating profit is expected to surge 73.2 percent to reach the 500 billion yen goal. Revenue increased 15.2% to $16.7 billion for the quarter.

The profit surge comes mainly as Sony's image sensor business returned to stability having recovered from natural disaster damage sustained a year ago, the company said.

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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