Sony returns to profit and reaches its highest in 22 months

Sony returns to profit and reaches its highest in 22 months

Sony CEO Kazuo Hirai’s restructuring efforts and diverting Sony’s focus to gaming, camera sensors and finance have paid off by reaching a 22-Month High of net profits.

Sony has revealed their net profits for the financial year of 2016-2017 at the amount of $678.86 million (JPY76.033 billion), which is also its highest annual operating profit in two decades.

However, Sony Pictures Entertainment and other film and TV content operations, accounted for a loss of $719 million (JPY80.3 billion) for the financial year running from April 2016 to March 2017. Sony is now forecasting a 13% revenue increase to JPY1.02 trillion in the 2017-2018 financial year.

Sony’s return to profitability stems from their dominance in sales of online games, downloads and streaming services which far exceeded that of hardware sales.

SOURCE