Strong Playstation 4 sales pushes Sony into profitThursday 31 July 2014 07.51
Sony has reported a $261m first-quarter net profit thanks to brisk sales of its PlayStation 4 console and a weak yen, but said it still expects a full-year loss.
The company's net profit came to 26.8 billion yen ($261m) for the three months through June, up from 3.1 billion yen a year earlier, with sales rising 5.8% to 1.8 trillion yen.
The gains were largely driven by "a significant increase in game and network services segment sales, reflecting the contribution of the PlayStation 4 ... as well as the favourable impact of foreign exchange rates", Sony said in a statement.
A weak yen boosts the profitability of Japanese exporters such as Sony.
The consumer electronics giant also said box-office hits, including ‘The Amazing Spider-Man 2’, boosted results at its movie unit, which includes a Hollywood studio.
Sony, which has been undergoing a painful restructuring after years of losses, still expects a net loss of 50 billion yen on sales of 7.8 trillion yen for the fiscal year through March 2015.