Turnaround Strategy Is Working: Sony Nearly Quadruples Profit

02 August, 2017, 00:34 | Author: Alicia Barber
  • Sony posts 181 percent profit surge for Q1 2017

Results were driven from demand from makers of smartphones for its image sensors in high-end handsets that have twin cameras on the rear.

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. The combined Sony/ATV and EMI catalog has grown to 4.49 million songs, versus 4.21 million songs by the end of its prior fiscal year.

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.

Operating income spiked by 180.5% YoY to 157.6 billion yen ($1.42 billion), driven by big turnaround in segments like semiconductors, which saw astronomical operating income growth by 227% year-over-year, as well as the Imaging Products and Solutions segment, which saw an equally impressive YoY spike of 209%.

First-quarter sales jumped 15 percent to 1.85 trillion yen, prompting the electronics giant to raise its sales forecast for the year to 8.3 trillion yen from 8 trillion yen.

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Net Sales - 1.98 trillion yen ($17.92 billion) in net sales, up 4.76% from April's 1.89 trillion yen ($17.10 billion) forecast.

Sony Corp's total profits for the Q1'17 period were 80.9 billion yen ($732.22 million), representing yet another dramatic year-over-year earnings spike of 282.1%. That is a significant improvement from 2016's fiscal first quarter, when the company produced net income of $196 million (21.2 billion yen) on revenues of or $14.9 billion (1.613 trillion yen).

PlayStation 4 sales and the contribution from Sony's Virtual Reality headsets have helped rebuild Sony's reputation for combining technology and entertainment prowess. Sony said it is on course to achieve a sales target of 18 million for the year through March.

However, sales and operating revenue are now expected to grow 9.2 percent from a year ago to 8.3 trillion yen, higher than previous forecast of a growth of 5.2 percent to 8 trillion yen.

"The volume of smartphone shipments may not grow", Yoshida said, "but the quality of smartphones will continue to improve as they become an essential piece of social infrastructure in countries like China".

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