Sony posts record April-June profit, raises FY 2018 outlook

03 August, 2018, 04:48 | Author: Shannon Newton
  • Kenichiro YoshidaSony's CEO unveils company's mid-term strategy for 2018-2020 Tokyo Japan- 22 May 2018 Kenichiro Yoshida, President and Chief Executive Officer of Sony Corp. attends an announcement event at its headquarters in Tokyo

"The forecast for operating income is expected to be significantly higher than the April forecast primarily due to the impact of the above-mentioned increase in sales". Annual results are now expected to reach JPY 2.135 trillion in sales and JPY 250 billion in profit.

The upward revisions were largely due to foreign-exchange gains, brisk sales of PlayStation 4 software and the growing value of its shares in top streaming platform Spotify Ltd.

The Japanese electronics and entertainment giant said group net profit for the quarter to June 30 almost tripled from a year earlier to a record 226.45 billion yen ($2 billion), helped by a special profit from the sale of shares in Swedish streaming giant Spotify Technology S.A.

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The figures are Sony's first quarterly results under new chief executive officer Kenichiro Yoshida, who replaced Kazuo Hirai in April.

In May, Sony unveiled a US$1.9 billion deal to buy industry titan EMI Music Publishing, which has the rights to songs by the likes of Queen and Pharrell Williams.

Sony also gave a forecast for the full fiscal year for the Game & Network Services segment, which includes sales from the PlayStation Network. The net profit forecast increases to JPY 500 billion from JPY 491 billion a year ago and JPY 480 billion in the earlier outlook. A push for a digital-only future with hardware iterations became a hypothesis when we started seeing the PS4 Pro take form, but if recent sales are of any note, I'm sure Sony will want to continue making new consoles well into the future.

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Increasing smartphone competition means Sony "may need to cut the smartphone business outlook further or revise the current midterm business plan", Totoki said.

In the April-to-June period, Nintendo sold 1.88 million Switch console units - down 4.4 percent from a year earlier, shortly after its launch.

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