Company
16:50, 01-Feb-2019
Sony reports best-ever quarterly profit on strong music biz
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Japan's Sony Corp raked in its highest-ever quarterly profit on Friday, propelled by its music segment following the acquisition of EMI.
The numbers are a vindication of the firm's strategy to reinvent itself as an entertainment company with stable revenue streams from gaming and music content, after battling years of losses in TVs and other consumer electronics that are more susceptible to earnings ups and downs.
The complete acquisition of EMI for a total of 2.3 billion U.S. dollars was put into motion last May. The move increased the number of music titles controlled by Sony from 2.3 million previously, to 4.36 million according to Variety.
Sony on Friday said its third-quarter profit increased to 376.99 billion yen (3.46 billion U.S. dollars) from 350.84 billion yen a year earlier.
It reiterated its annual operating profit forecast for a record 870 billion yen, exceeding the previous all-time high marked just last year.
Source(s): Reuters