Sony profitability back on track as company posts $1.4 bn annual earningsApril 28, 2016 - 16:02 AMT 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. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |