Sony hikes PlayStation Plus fees by a quarter

Sony hikes PlayStation Plus fees by a quarter

For the April-June quarter, Sony's operating profit almost tripled from a year before to 157.6 billion yen ($1.43 billion), a record for the first quarter. Sony supplies imaging solutions to smartphone manufacturers like Apple amongst others. Income decreased significantly due to the lack of any highly profitable first party game launched during the quarter.

Worldwide sales of the PlayStation 4, released in 2013, totaled 3.3 million units in the first quarter, down from 3.5 million a year earlier.

Operating income in the same quarter of the previous fiscal year included a 20.3 billion yen impairment charge against long-lived assets resulting from the termination of development and manufacturing of certain high-functionality camera modules for external sale, as well as net charges of 13.6 billion yen in expenses resulting from the 2016 Kumamoto Earthquakes, both in the Semiconductors segment.

Quarterly sales gained 15 percent to 1.86 trillion yen ($16.9 billion). 1, an 80.9 billion yen ($735 million) April-June profit, up dramatically from 21.2 billion yen the same period a year ago.

The results are bound to please investors, who last week drove Sony's shares to a year-to-date high, betting that annual operating profit will eclipse the record 525 billion yen marked in fiscal 1997.

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Further, for fiscal 2018, the company continues to expect attributable net income of 255 billion yen, and operating income of 500 billion yen.

Meanwhile, Billboard calculates the overall music operations earnings before interest, taxes depreciation and amortization at $262.6 million (29.17 billion yen) a 48.3 percent increase over the prior year's first quarter EBITDA of $182 million (19.7 billion yen).

Sony also forecast previously a drop in its sales for its flagship, yet quickly maturing game console PlayStation 4.

However, sales and operating revenue are now expected to grow 9.2 percent from past year to 8.3 trillion yen, higher than previous forecast of a growth of 5.2 percent to 8 trillion yen. Sony says its profit jump can be attributed to healthy recovery of its image sensor factories.

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