Japan's Sony reports surge in profit on strong sales of movies, games and music
Sony has reported that its profit surged 34% in the last quarter from a year earlier on strong sales of its video games, music and movies
TOKYO (AP) — Profit at Sony surged 34% in the last quarter on strong sales of its video games, music and movies, the Japanese electronics and entertainment company said Tuesday.
Tokyo-based Sony Corp.’s quarterly profit totaled 189 billion yen ($1.2 billion), up from 141 billion yen the year before. Quarterly sales for the maker of the PlayStation game machines rose 14% to 3.48 trillion yen ($22 billion).
For the fiscal year through March, Sony recorded a 3% decline in profit at 970 billion yen ($6.2 billion) from more than 1 trillion yen in the previous fiscal year. Its annual sales climbed 19% to 13 trillion yen ($83 billion).
Sony’s operating profit was hurt by its financial services segment, which is being partially spun off next year. Sony's chief financial officer and president, Hiroki Totoki, said the company is reshaping its strategy to focus on its more profitable entertainment operations.
