Sony profits spike with strong segment growth

Aug 02, 2017, 00:37
Sony profits spike with strong segment growth

The division saw its operating income drop from $396 million to $159 million, even though sales were up approximately 5%. The company said its music catalog between Sony/ATV and EMI had grown to 4.49 million songs, versus 4.21 million songs by the end of its prior fiscal year.

Sony Corporation on Tuesday announced its consolidated financial results for the second quarter of the calendar year, i.e. the first quarter of its 2017 fiscal year, boasting a massive surge in profits driven by its recovering imaging sensor business.

Sony's game segment sales accounted for 18.75% of Sony's total sales revenues for the quarter.

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- Physical sales remained strong for recorded music, growing to $301.8 million (33.53 billion yen), up 16.2 percent from the corresponding period a year ago, when it totaled $267 million (28.9 billion yen). Income decreased significantly due to the lack of any highly profitable first party game launched during the quarter.

Operating income decreased 26.3 billion yen year-on-year to 17.7 billion yen.

For the full business year, Sony raised its sales forecast to 8.3 trillion yen from the previous 8 trillion yen, with a weaker yen expected to boost exports.

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- Other revenue was down slightly to 14.9 percent of revenue (down from 15.1 percent).

- Digital download revenue, meanwhile, fell 22.1 percent to $116.5 million (12.94 billion yen), down from the $153.66 million (16.6 billion yen) tallied in the first quarter of 2016. Television Productions sales increased significantly, primarily due to higher licensing revenue for USA series such as The Last Tycoon and Better Call Saul.

Quarterly sales in the semiconductor business, which includes sensors for use in smartphone cameras, soared more than 40 per cent after production was hampered a year earlier by major earthquakes in southern Japan.

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Hirai took over in April 2012 after a disastrous fiscal 2011 that saw the company post a net loss of 456.6 billion yen.

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