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Sony sets record with three-fold jump in Q1 operating profit
02 August 2017, 12:36 | Ricardo Garza
Sony posts 181 percent profit surge for Q1 2017
Sony's fiscal first quarter profit almost 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 earned 1.858 trillion yen ($16.8 billion) in net sales in the three-month quarter ended June 30, up 15.2% year-over-year from Q1'16. Income decreased significantly due to the lack of any highly profitable first party game launched during the quarter. The Kumamoto quake that occurred in mid-April a year ago essentially shut down one of Sony's five imaging sensor factories, causing $1.03 billion in damages for the firm, according to its internal estimates.
- 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. Additionally, 6.7 billion yen and 2.6 billion yen in insurance recoveries, mainly for opportunity losses related to the earthquakes in the Kumamoto region in 2016 ("the 2016 Kumamoto Earthquakes"), were recorded in the Semiconductors and the IP&S segments, respectively.
- Physical's growth meant that it increased to 33.6 percent of all recorded music revenue, up from 32.2 percent of revenue.
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.
It announced that the company's operating profit for the quarter jumped a massive 180.5% over the previous year, and net income jumped a staggering 281.4% to $564 million. 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).
In April-June this year, camera sales also rose. Television Productions sales increased significantly, primarily due to higher licensing revenue for US series such as The Last Tycoon and Better Call Saul.
Weather to be mild Monday and Tuesday
There will be a chance of thunderstorms Wednesday through Saturday , especially during the afternoon and evening hours. Sunny skies and high temperatures in the mid 80s are in the forecast today for Auburn and Cayuga County.
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