UPDATE: Sony Posts Higher Q1 Profit

Sony

posted a strong rise in its profit for the first quarter of its fiscal year. The Tokyo, Japan-based company posted quarterly net income of Yen26.8 billion ($260.82 million, versus a year-ago profit of Yen3.1 billion. Its operating profit climbed to 69.8 billion yen ($680 million), versus 35.5 billion yen. Analysts were expecting an operating profit of 16.6 billion yen. The latest quarter operating profit included around 15 billion yen from the sale of a technology facility in Japan. Sony's TV segment posted an operating profit of 7.7 billion yen, while its smartphone segment posted an operating loss of 2.7 billion yen. Its home entertainment & sound segment posted an operating income of 7.7 billion yen, while its devices segment posted an operating income of 12.5 billion yen. Sony's pictures segment posted an operating income of 7.8 billion yen, while music segment posted an operating income of 11.4 billion yen. Its sales also surged 5.8% to 1.8 trillion yen. For the full year, Sony lowered its smartphone sales outlook to 43 million handsets, versus earlier forecast of 50 million handsets. It expects TV sales of 15.5 million, down from its prior forecast of 16 million. For the full year, Sony maintained its forecast for an operating profit of 140 billion yen, net loss of 50 billion yen and sales of 7.8 trillion yen. Sony shares gained 0.34% to close at $17.53 yesterday.