Turnaround Strategy Is Working: Sony Nearly Quadruples Profit

Turnaround Strategy Is Working: Sony Nearly Quadruples Profit

Its Sony Music division reported an operating income of ¥25 billion ($227 million), up 57.6% over Q1 2016.

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. 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 consumer electronics arm of Sony also saw a return to profits with a focus on television sets and smartphones.

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.

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.




For the April-June quarter, Sony's operating profit almost tripled from a year before to 157.6 billion yen ($1.43 billion), a record for the first quarter. Sales increased by 15.2 percent compared to year-ago period to 1.9 trillion yen ($17.2 billion). TVs had in the past been one of Sony's largest liabilities, losing the company 800 billion yen in the 10 years through fiscal 2013.

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.

Quarterly operating profit easily topped a consensus estimate of 133 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. Sony, of course, released Uncharted 4 in May 2016, which has since gone on to sell 8.7m units as of December 2016.

Sony's computer chip sector has also fared relatively well recently on the growth of image sensor sales for mobile products.

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