Sony returns to profit on game software, Spotify gains

TOKYO — Japanese entertainment and electronics company Sony Corp. has reverted to profitability for the quarter through March, boosted by robust demand for game software and network services, as well as gains from Spotify.

Sony reported an 87.9 billion yen ($787 million) January-March profit Friday, a reversal from the 13.3 billion yen loss racked up the previous year.

Quarterly sales totaled 2.1 trillion yen ($19 billion), up 9% from 1.9 trillion yen.

For the fiscal year, Sony reported a near doubling in profit to 916.3 billion yen ($8.2 billion), up from 490.8 billion yen. Sales rose 1% to 8.67 trillion yen ($78 billion).

Sony got a gain for its stake in Spotify, which was publicly listed in April last year. Sony owned 5.7% of Spotify at that time. Sony has sold some of its stake in Spotify over the last year, it said.

Also helping the bottom line was its semiconductors business, but the mobile phone operations continued to lag, according to Tokyo-based Sony.

Sony's film division saw a sales dip because of the strong performance of "Jumanji: Welcome to the Jungle" and "Spider-Man: Homecoming" the previous year. Such works contributed this year in television licensing and home entertainment sales.

The company said sales in its music business remained flat but profit grew as a result of the consolidation of EMI, which has a vast music catalog. Recording artists for Sony's music business include Khalid and Justin Timberlake.

Sony, which makes Bravia digital TVs and the Aibo robotic dog, is expecting a 500 billion yen ($4.5 billion) profit for the fiscal year through March 2020, down 45% from the fiscal year just ended.

___

Follow Yuri Kageyama on Twitter https://twitter.com/yurikageyama

On Instagram https://www.instagram.com/yurikageyama/?hl=en

You may also like these

China opens movie theater on disputed South China...

Jul 24, 2017

China has opened a state-of-the-art movie theater on disputed Woody Island in the South China Sea's...

AP PHOTOS: Appeasing restless ghosts in Hong Kong

Sep 5, 2017

AP PHOTOS: Appeasing restless ghosts in Hong Kong in raucous celebrations marked by feasts and music

The Latest: Trump vows to change 'one-side and...

Nov 9, 2017

President Donald Trump is vowing to change "one-sided and unfair" trade relations with China but...

South Korean President Moon in China on visit to...

Dec 14, 2017

South Korean President Moon Jae-in is in Beijing on a visit to repair ties frayed by a dispute over...

China orders Marriott to suspend website, app in...

Jan 12, 2018

Regulators have ordered the Marriott hotel chain to close its China-based website and app for one...

Sign up now!

About Us

Gempak Media delivers the most talked and gempak stories on the Internet to you. Be the first to know about the latest news and don’t forget to share it around.

Contact us: sales[at]gempakmedia.com

Subscribe Now!