Sony Records $1.43 Billion In Profit From April To June 2017

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The Kumamoto natural disaster that occurred in mid-April a year ago essentially shut down one of Sony's five imaging sensor factories, causing $1.03 billion in damages for the firm, according to its internal estimates.

Sony has confirmed that it is raising the price of PlayStation Plus, its subscription programme which enables PlayStation 4 online multiplayer access, cloud save storage and offers free-to-download games each month, with the annual membership fee jumping a quarter to £49.99 in the UK.

The consumer electronics business was also profitable as it focused on high-end television sets and smartphones without seeking to increase in scale.

Sony has been trying to diversify its revenue sources, and the quarter saw most divisions - music, mobile phone, TV, camera - post profits.

The result suggests Sony is on track to reach its goal of an operating profit of 500 billion yen for all of fiscal 2017 ending next March, as years of restructuring pay off.

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Sony's music operation consists of Sony Music Entertainment, Sony Japan, Sony/ATV Music Publishing and 39.8 percent of EMI Music Publishing's net income, as well as its growing Visual and Media platform, which consists of revenue from the production and distribution of animation titles (including game applications based on the animation titles) and various service offerings for music and visual products. TVs had in the past been one of Sony's largest liabilities, losing the company 800 billion yen in the 10 years through fiscal 2013. In light of the current forecast, the company expects to ship 18 million PlayStation 4 systems by the end of its new fiscal year. Sony, however, noted that it would have increased by 1% under constant currency.

Quarterly operating profit easily topped a consensus estimate of 133 billion yen.

PlayStation 4 sales and the contribution from Sony's Virtual Reality headsets have helped rebuild Sony's reputation for combining technology and entertainment prowess. The increase in sales on a US dollar basis was primarily due to higher sales in Television Productions and Media Networks, partially offset by lower sales in Motion Pictures.

The profit surge comes mainly as Sony's image sensor business returned to stability having recovered from natural disaster damage sustained a year ago, the company said.

The decline in earnings happened due to the price cut on hardware and the negative impact of the exchange rate between yen and dollar.

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