Sony re­ports rev­enue, profit in­creases

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM - — Bloomberg News

TOKYO — Sony, the Ja­panese elec­tron­ics maker, on Tues­day re­ported sharp in­creases in rev­enue and net profit in the sec­ond quar­ter.

The com­pany has been try­ing for years to shift its fo­cus onto small-scale prod­ucts such as cam­era sen­sors, con­soles and video games and away from its re­liance on com­put­ers, tele­vi­sions and mo­bile phones.

Sales of Sony’s PlayS­ta­tion 4 video games con­sole and PlayS­ta­tion VR, a vir­tual re­al­ity head­set, helped drive the strong re­sults. The PlayS­ta­tion VR, in par­tic­u­lar, has been more pop­u­lar than the com­pany ex­pected, and the Ja­panese com­pany has be­come a leader in the pre­mium side of the mar­ket.

That helped bol­ster net profit, which surged to about $732 mil­lion, from about $192 mil­lion the year be­fore. Rev­enue rose 15.2 per­cent com­pared to a year ago. Its im­prov­ing prospects have helped push Sony stock up more than 35 per­cent this year.

Sony’s earn­ings for the sec­ond quar­ter last year had been af­fected by earth­quakes in Ja­pan, which led to short­ages of com­po­nents for its cam­era unit. The lat­est re­sults were helped by in­sur­ance claims re­lated to those earth­quakes, as well as the sale of a man­u­fac­tur­ing sub­sidiary of the cam­era busi­ness.

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