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Sony showed an excellent increase in net profit

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Sony showed an excellent increase in net profit
August 01
09:00 2018

Sony Corporation, a major Japanese manufacturer of consumer electronics products, has issued a press release on the results of the first financial quarter, thus continuing the season of financial reporting.

The report published financial indicators of the company for April-June this year. Its net profit was equal to 226.4 billion yen (this is about 2.076 billion US dollars).  The profit totaled 174.8 yen per share. For the same period last year, the company’s net profit was equal to 80.9 billion yen or 62.7 yen per share.

The revenue of the Japanese high-tech company has increased by 5.1%, to 1.944 trillion yen. Operating profit has also showed a strong growth: from 157.6 billion yen a year earlier to 195 billion yen.

If we don’t go into details, such a major breakthrough in the company’s net profit was achieved thanks to excellent sales of electronics, game consoles PlayStation, and components for smartphone cameras. The sale of shares in Spotify Technology SA positively affected the financial results too.

If we consider the company’s quarterly revenue from separate business units, the situation is as follows:

– video games and consoles showed an increase by 124% (to 472.1 billion yen),

– music business grew by 12.9% (to 181.5 billion yen),

– the cinema sector showed a decrease in revenue by 30.7% (to 175.1 billion yen),

– the semiconductor unit suffered a decrease by 2% (to 202.2 billion yen),

– mobile phones brought the company 48.7% less than last year (132.5 billion yen).

Following the results of the current fiscal year, Sony Corporation is going to show a net profit of 500 billion yen and revenue of 8.6 trillion yen.

Against the backdrop of the strong reporting and improved forecasts for the current financial year, one should expect an increase in the share price of the oldest Japanese corporation.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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