Sony returns to profit on game software, Spotify gains

FILE - In this Feb. 2, 2017, file photo, people are reflected on a wall of the Sony showroom building at Ginza shopping district in Tokyo. Sony has reverted to profitability for the quarter through March, boosted by robust demand for game software and network services, as well as gains from Spotify, according to its report released by Friday, April 26, 2019. (AP Photo/Shizuo Kambayashi, File)

TOKYO — Japanese entertainment and electronics company Sony Corp. has reverted to profitability for the quarter through March, boosted by robust demand for game software and network services, as well as gains from Spotify.

Sony reported an 87.9 billion yen ($787 million) January-March profit Friday, a reversal from the 13.3 billion yen loss racked up the previous year.

Quarterly sales totaled 2.1 trillion yen ($19 billion), up 9% from 1.9 trillion yen.

For the fiscal year, Sony reported a near doubling in profit to 916.3 billion yen ($8.2 billion), up from 490.8 billion yen. Sales rose 1% to 8.67 trillion yen ($78 billion).

Sony got a gain for its stake in Spotify, which was publicly listed in April last year. Sony owned 5.7% of Spotify at that time. Sony has sold some of its stake in Spotify over the last year, it said.

Also helping the bottom line was its semiconductors business, but the mobile phone operations continued to lag, according to Tokyo-based Sony.

Sony's film division saw a sales dip because of the strong performance of "Jumanji: Welcome to the Jungle" and "Spider-Man: Homecoming" the previous year. Such works contributed this year in television licensing and home entertainment sales.

The company said sales in its music business remained flat but profit grew as a result of the consolidation of EMI, which has a vast music catalog. Recording artists for Sony's music business include Khalid and Justin Timberlake.

Sony, which makes Bravia digital TVs and the Aibo robotic dog, is expecting a 500 billion yen ($4.5 billion) profit for the fiscal year through March 2020, down 45% from the fiscal year just ended.

___

Follow Yuri Kageyama on Twitter https://twitter.com/yurikageyama

On Instagram https://www.instagram.com/yurikageyama/?hl=en

People also read these

Lifelike robots made in Hong Kong meant to win...

Jan 16, 2018

David Hanson envisions a future in which AI-powered robots evolve to become "super intelligent...

Kara Wai ecstatic over Excellence in Asian Cinema...

Jan 18, 2018

Hong Kong actress Kara Wai says she is ecstatic over receiving this year's Asian Film Awards'...

Chinese tech giant Tencent plans US listing for...

Jul 9, 2018

Tencent, China's most valuable tech company, says it plans to spin off its streaming music service...

Chinese e-commerce tycoon part of celebrity tech...

Sep 5, 2018

The e-commerce billionaire who was arrested and released by Minneapolis police is a high-profile...

In Cantonese opera, Trump finds his twin brother...

Apr 14, 2019

President Donald Trump is the inspiration for "Trump on Show," a four-day Cantonese opera that...

About Us

Frontal Report is an emerging leader in all forms of media. We aim to be the leading news brand for readers around the world.

Contact us: sales[at]frontalreport.com

Subscribe Now!