Sony Corporation reported its fiscal Q2 FY2017 financial results earlier today. At the Group level, Sony is on the right track, reporting a revenue increase of 22% to 2,063 billion yen, with operating income of 204 billion yen – approximately 4.4 times higher than the same quarter last year. This led to Sony upping its overall forecasts for the full year, thanks to a good performance from its Semiconductors, Music, and Home Entertainment & Sound (HE&S) businesses.
All divisions reported a profit in Sony’s second quarter, apart from its mobile business. Mobile sales during the quarter were down by 3% on a constant currency basis, with an operating loss of 2.5 billion yen. Sony attributed this loss due to a change in the geographic mix of smartphone sales and an increase in the price of key components.
Sony shipped 3.4 million Xperia units during the quarter, which is broadly in line with the same quarter last year. This performance was clearly not in line with Sony’s own expectations though, as it has lowered its full year unit forecast from 16.5 million units to 15.5 million units. Despite lower shipments, Sony still expects to maintain operating income of 5 billion yen for the full year through a further reduction in operating costs.
Thanks Diogo and Nikhil!
