losangelesnewstoday.com March 19, 2018

Sony Q1 Profit Climbs; Backs FY18 Profit View, Lifts Sales Forecast

02 August 2017, 12:39 | Dawn Berry

Sony hikes PlayStation Plus fees by a quarter

The Sims 4

The Tokyo-based tech giant also said its operating profit had risen nearly threefold in the recording period to 157.61 billion yen, up 15.2 percent and based on sales of 1.86 trillion yen. A year ago saw the release of Uncharted 4: A Thief's End in this period.

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.

Earnings per share grew to 62.70 yen or $0.56 from 16.44 yen a year ago.

With the exception of the first quarter of 2014, when the music operation saw an extraordinary gain due to a re-measurement of Sony Music Entertainment's equity interest in the Orchard as it acquired the other half of the company, this quarter represents the overall music operation's best first fiscal quarter in years. Sales also experienced a 17% increase on a constant currency basis over last year's ¥141.9 billion ($1.29 billion). Income decreased significantly due to the lack of any highly profitable first party game launched during the quarter.

Teavana Closing Stores: All 379 Locations to Shutter
More than a dozen stores have closed at the almost 3-year-old, $315 million mall since its grand opening in October 2014. The 3,300 employees affected by the closures have been encouraged to apply for positions at Starbucks stores.

The semiconductor business' profit in the three-month period stood at 55.4 billion yen, turning around from a 43.5 billion yen loss a year earlier when its manufacturing plant in southwestern Japan was hit by major earthquakes. Other revenue, including licensing, merchandising, and live performances, saw a slight 9.6% increase to ¥14.883 million ($134.7 million).

- 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.

The result suggests Sony is on track to reach its goal of an operating profit of 500 billion yen for all of fiscal 2017 ending next March, as years of restructuring pay off. Television Productions sales increased significantly, primarily due to higher licensing revenue for USA series such as The Last Tycoon and Better Call Saul.

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