Latest in Financials

Image credit:

Sony returns to profitability as core electronics business struggles

Share
Tweet
Share
Save

Sponsored Links

Finally, after closing 18% of its manufacturing facilities and cutting 20,000 heads across its global organization, Sony just posted a profit for the quarter. We're talking an operating profit of ¥146 billion ($1.5 billion) for the quarter on ¥2.2 trillion in sales. Sony's net profitability came in at ¥79.2 billion after three straight quarters of losses, handily beating The Street's mean estimate of ¥33.73 billion sending stock up some 4% at the time of this post. Unfortunately for us gadget nerds, Sony's return to prosperity is largely due to a doubling of sales at Sony's financial unit and a 16% rise in its movie business -- sales from its consumer products and devices division were off 11% thanks to flat-panel TV price competition and component costs. VAIO PC sales were up a slight 2% worldwide while sales of its venerable PS2 (2.1 million units vs. 2.5 million a year earlier) and PSP (4.2 million vs 5.1 million a year earlier) were both off for the quarter. At least the price cuts on the PS3 helped push sales up to 6.5 million from 4.5 million. Still, profit is profit and profit must grow regardless of crummy consumer sales, you know.

Source: PC World
Coverage: Wall Street Jounal
In this article: financials, income, net, profit, ps2, ps3, psp, quarter, sony, stock
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Share
Tweet
Share
Save

Popular on Engadget

Xbox One test offers 'surprise' suggestions for what to play

Xbox One test offers 'surprise' suggestions for what to play

View
Facebook lets you get rid of those annoying notification dots

Facebook lets you get rid of those annoying notification dots

View
The next iPad Pro may arrive in early 2020 with 3D sensors

The next iPad Pro may arrive in early 2020 with 3D sensors

View
Nike's FlyEase technology hits the field with Seahawks LB Shaquem Griffin

Nike's FlyEase technology hits the field with Seahawks LB Shaquem Griffin

View
Chrome may shame slow-loading sites with 'speed badging'

Chrome may shame slow-loading sites with 'speed badging'

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr