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Sony sees turnaround after net profit soared in April-June

01 August 2017

Today Sony Corporation disclosed its financial results for the first quarter of fiscal year 2017, which is the period between April 1st and June 30th, 2017.

Sony has been trying to diversify its revenue sources, and the quarter saw most divisions - music, mobile phone, TV, camera - post profits. The Minato, Tokyo-based conglomerate said that its sensor business is the biggest factor that benefitted its recent performance, having recovered from a massive quake that it suffered through in 2016.

The semiconductor business was the biggest contributor to the earnings, turning from a year-earlier loss of 43.5 billion yen to a profit of 55.4 billion yen. Comparatively, supplies of PSVR was always questionable after its launch previous year - with scalping prices going as high as $1,000.

Operating income was 157.6 billion yen or $1.41 billion, significantly higher than 56.2 billion yen a year ago.

Game & Network Services sales increased 5.4 percent, Imaging Products & Solutions sales climbed 27.3 percent and Semiconductors sales increased 41.4 percent. Revenue increased 15.2% to $16.7 billion for the quarter.

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Net income rose 282.1 percent to 80.9 billion yen ($734 million).

- Of that, streaming was 38.5 percent of total revenue (up from 34.2 percent); while downloads were 13 percent (down from 18.5 percent).

The company said noteworthy projects to watch during the summer are include Arcade Fire's Everything Now, Foo Fighters' Concrete and Gold, Foster the People's Sacred Hearts Club, French Montana's Jungle Rules, Kesha's Rainbow, LCD Soundsystem's American Dream, Old Dominion's Happy Endings, Laurent Voulzy's Belem and albums from David Gilmour and Indochine.

The box-office success of its "Spider-Man: Homecoming" film has also fueled hopes of a rise in earnings for Sony's pictures business, which is working through a restructuring plan.

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. 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).

Sony sees turnaround after net profit soared in April-June