Sony Corp. reported net profit today for the April-June quarter that more than tripled the year-ago figure. The Wall Street Journal reports that the company reported net income surged to $665 million, boosted by strong sales in videogames and smartphone image sensors.
“After a multiyear restructuring led by Chief Executive Kazuo Hirai, Sony is less dependent on low-margin or money-losing consumer electronics businesses such as televisions and mobile phones. The company’s shares have roughly doubled over the past year on signs that the turnaround is starting to work,” WSJ reports.
The gains came even with a down report on the movie and TV side.
“The movie and TV division saw an 11.9% drop in sales and operating revenues to $1.4B,” Deadline.com reports. “Sony, which released ‘Paul Blart: Mall Cop 2’ (approximate global cume $104M), ‘Chappie’ ($102M), ‘Aloha’ ($24M) and ‘Insidious: Chapter 3’ ($107M) during the quarter, says the drops are a reflection of the stronger global theatrical performance of films released in the same quarter of the previous fiscal year, which included ‘The Amazing Spider-Man 2’ and ’22 Jump Street.'”