Sony sees recovery with a nearly quadrupling of profit

FILE - In this Friday, April 28, 2017, file photo, people walk out from the headquarters of Sony Corp. in Tokyo. Sony’s fiscal first quarter profit nearly quadrupled compared to a year ago, boosted by its lucrative image sensor and other businesses, highlighting a gradual recovery at the Japanese electronics and entertainment company. Sony reported Tuesday, Aug. 1, an 80.9 billion yen ($735 million) April-June profit, up dramatically from 21.2 billion yen the same period a year ago. (AP Photo/Shuji Kajiyama, File)

TOKYO — Sony's fiscal first quarter profit nearly quadrupled from a year earlier, boosted by its lucrative image sensor and other businesses and highlighting a gradual recovery at the Japanese electronics and entertainment company.

Sony Corp. reported Tuesday an 80.9 billion yen ($735 million) April-June profit, up dramatically from 21.2 billion yen the same period a year ago.

Quarterly sales gained 15 percent to 1.86 trillion yen ($16.9 billion).

Sony, whose sprawling business spans finance, movies, video games and consumer electronics, is seeing better results at its various units, including games, imaging products, semiconductors and home-entertainment systems.

Sony, which makes the Spider-Man series movies and the PlayStation 4 game console, stuck to its annual forecast for a 255 billion yen ($2.3 billion) profit, up dramatically from 73 billion yen posted the previous fiscal year.

Also helping Sony's bottom line was the absence of the damage it suffered from the April 2016 earthquake in southwestern Japan that shut down its semiconductor plant, and gains from insurance recoveries related to that quake, it said.

Sony was long an iconic Japanese brand, symbolizing the nation's spectacular rise after its defeat in World War II, but it fell behind powerful rivals like Samsung Electronics Co. of South Korea and Apple of the U.S. in flat-panel TVs, smart devices and other gadgets.

The Tokyo-based company has found it hard to do well constantly in all its sectors, but it has shifted to focusing on businesses where it can turn a profit. It has been reshaping its business by focusing on high-end cameras and video games and selling assets, including its Vaio personal computer business. Its TV division lost money for years but has recently recovered.

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's computer chip sector has also fared relatively well recently on the growth of image sensor sales for mobile products.

___

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

Her work can be found at https://www.apnews.com/search/yuri%20kageyama

Must Read

AP Explains: Why China is stepping up against climate change

Jun 2, 2017

AP Explains: China is stepping forward to expand its renewable energy industry as President Donald...

China clamping down on use of VPNs to evade Great Firewall

Jul 20, 2017

China clamping down on use of VPNs to evade internet controls

The Latest: Death toll rises to 9 after typhoon hits China

Aug 24, 2017

Authorities and state media say the death toll from powerful Typhoon Hato in southern China has...

Springer Nature blocks access to articles in China

Nov 1, 2017

Academic publisher Springer Nature says it has blocked access to articles within China to comply...

Huawei wins China patent lawsuit against rival Samsung

Jan 11, 2018

A Chinese court says tech giant Huawei has won a patent infringement lawsuit against South Korea...

People also read these

New rules, tech are dimming Hong Kong's signature neon glow

Aug 31, 2017

Neon signs advertising shops and nightclubs gave Hong Kong a signature look to match its economic...

Chinese bitcoin exchange announces it is ending trading

Sep 15, 2017

One of China's biggest bitcoin exchanges says it will stop trading following reports regulators...

House fire in southern Beijing suburb kills 19, injures 8

Nov 19, 2017

A fire at a 2-story building advertising low-cost rental apartments in a southern Beijing suburb...

Survey: US firms losing confidence in China business climate

Dec 6, 2017

Survey finds U.S. companies' China sales improving but outlook clouded by policies and regulatory...

Huawei wins China patent lawsuit against rival Samsung

Jan 11, 2018

A Chinese court says tech giant Huawei has won a patent infringement lawsuit against South Korea...

AseanCoverage is a next-gen news site focusing exclusively on online news from South East Asia.

Contact us: sales@aseancoverage.com