Sony shares climb on earnings beat and guidance uplift

Jon Howard
November 1, 2017

The operation includes recorded music, publishing and the Japanese visual media and videogame unit, which is included in Sony Music Entertainment Japan.

The Japanese electronics and entertainment giant raised its full-year profit forecast to 380 billion yen ($3.4 billion), up by almost 50 percent from its earlier forecast of 255 billion yen ($2.3 billion) profit. According to Reuters, Sony said profit for July-September expanded to 204.2 billion yen from 45.7 billion yen a year earlier.

Sales and operating revenues climbed 22.1 percent to 2.06 trillion yen or $18.25 billion from prior year's 1.69 trillion yen. Earnings per share grew to 101.35 yen or $0.90 from 3.76 yen a year ago.

Sony Corporation announced its Q2 2017 earnings reports, with Spider-Man: Homecoming and the PlayStation 4 leading big revenue gains.

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Sony said Tuesday it expected to book record annual profits as it pushes on with a turnaround driven by the PlayStation games division and a booming smartphone parts business while it also scored a hit with the newest Spider-Man movie. Sales grew 35 percent to $3.8 billion (¥433 billion), due mainly to increased software sales, but also higher hardware sales and the impact of foreign exchange, while operating income rose 188 percent to $485 million (¥54.8 billion).

The result is higher than the 140.49 billion yen average estimate of 11 analysts.

Music also continued to be profitable for Sony, with operating income nearly doubling to $287 million (¥3.25 billion) on sales of $1.83 billion (¥206.6 billion), boosted by DJ Khaled's Grateful album, strong sales of local artists in Japan and Fate/Grand Order, a mobile game popular in Japan.

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