Turnaround Strategy Is Working: Sony Nearly Quadruples Profit

Sony posts 181 percent profit surge for Q1 2017

Sony posts 181 percent profit surge for Q1 2017

PS4 shipments dropped year-over-year, as Sony shipped 3.5 million PS4 consoles during its first fiscal quarter last year.

Sony seems to be remastering not just how to make stuff consumers want to buy but how to make money as well.

"Whenever we produced good results in the past, a sharp pullback followed", said Kenichiro Yoshida, chief financial officer and the right-hand man of CEO Hirai.

Five years ago, after seeing losses of $2.9 billion, Sony announced that it would be focusing its efforts on dominating three things: games, mobile, and image sensors. As you can see from the pictures you will find at the end of the news, the company's revenue and profits are both firmly positive and show a substantial increase in the annual prospect.

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%.

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The near quadrupling of its group net profit in the April to June quarter on year, was owing to a resurgence of its semiconductor business, Sony said. The company said the PlayStation VR headset continued to sell well, but did not release figures.

Meanwhile, Billboard calculates the overall music operations earnings before interest, taxes depreciation and amortization at $262.6 million (29.17 billion yen) a 48.3 percent increase over the prior year's first quarter EBITDA of $182 million (19.7 billion yen).

For fiscal 2017, attributable net income was 73.3 billion yen or $654 million, operating income was 288.7 billion yen and sales and operating revenues were 7.60 trillion yen or $67.89 billion.

Worldwide sales of the PlayStation 4, released in 2013, totaled 3.3 million units in the first quarter, down from 3.5 million a year earlier.

Further, for fiscal 2018, the company continues to expect attributable net income of 255 billion yen, and operating income of 500 billion yen.

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