Sony reports 24 pct jump in Q1 operating profit, beats estimates

Sony reports 24 pct jump in Q1 operating profit, beats estimates

Sony reports 24 pct jump in Q1 operating profit, beats estimates

The Japanese electronics and entertainment giant said group net profit for the quarter to June 30 almost tripled from a year earlier to a record 226.45 billion yen ($2 billion), helped by a special profit from the sale of shares in Swedish streaming giant Spotify Technology S.A.

With the previous year's one-time gain of JPY 36.8 billion excluded, Sony logged even sharper first-quarter growth of 61 percent.

Sony Corp. profits almost tripled in the latest quarter, boosted by a jump in PlayStation 4 software sales, the Japanese electronics and entertainment giant said Tuesday.

As pretty much every person and their dog owns a PlayStation 4 now it comes as no surprise that PS4 software sales were sky high bringing in 472.1 billion yen in this quarter which is up by over a billion yen year-on-year. Sony's Spider-Man game arrives in a little over a month, and then there's Assassin's Creed: Odyssey, Battlefield V and Red Dead Redemption 2 all due for release in October.

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Japanese game maker Nintendo Co. also reported strong profit growth Tuesday thanks to increased sales of games for its Nintendo Switch machine. The one-time gain came from the sale of Sony's camera module unit and the receipt of insurance payouts for natural disaster damage.

Sony's semiconductor division, which includes imaging sensors, posted profit of 29.1 billion yen, down from 55.4 billion yen a year earlier when earnings were boosted by the camera module business sale and insurance payouts.

"In parallel with an increase in digital sales, software sales also have been moving in good shape towards the holiday season", it said. That compared with the 754.66 billion yen average of 24 analyst estimates. The forecast for operating income is expected to be significantly higher than the April forecast primarily due to the impact of the above-mentioned increase in sales.

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