Sony profitability back on track as company posts $1.4 bn annual earnings

Sony profitability back on track as company posts $1.4 bn annual earnings

PanARMENIAN.Net - Sony posted a $1.4 billion annual profit Thursday, April 28, boosted by strong sales of its PlayStation console, but analysts warned that slowing smartphone demand could hit a lucrative business that makes key parts for mobile devices, AFP reports.

Under former U.S. games boss Kazuo Hirai, the company has been clawing back to profitability with a painful restructuring that included layoffs and selling of assets, including its Manhattan headquarters and a laptop division.

On Thursday, Sony said its net profit came in at 147.8 billion yen ($1.4 billion) for the fiscal year to March, reversing a 126.0 billion yen loss a year earlier, AFP says.

Operating profit for the fiscal year quadrupled to 294.2 billion yen, although sales edged down 1.3 percent from a year ago.

Sales of its PlayStation 4 console reached 36 million units worldwide in early January since its launch three years ago. The unit has seen the fastest and strongest adoption since the first generation of the console was introduced in late 1994.

Games have taken on a key role in Sony's turnaround, along with movies and music, AFP says.

Sony's businesses include a music label and Hollywood studio, while it also operates a profitable but lesser-known financial unit.

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