Sony has again increased its full-year outlook and raised its interim dividend after a strong set of results for its fiscal second quarter to September. Despite another writedown of its smartphone business, profits increased thanks to steady growth in the gaming and pictures businesses.
Quarterly revenues rose 6 percent to JPY 2.182 trillion, and operating profit was up 17 percent to JPY 239.5 billion. Net profit jumped 32 percent to JPY 173 billion, and Sony increased its interim dividend to JPY 15 per share from JPY 12.5 a year ago.
Higher-than-expected growth in the Playstation gaming business, Pictures division and image sensors for phones as well as the recently approved acquisition of the rest of EMI led to an increase in the annual revenue forecast by JPY 100 billion, to JPY 8.7 trillion. Operating profit is now expected JPY 200 billion higher than the forecast in July, meaning annual growth of 18 percent, and the net profit forecast was raised by JPY 205 billion.
Mobile losses widen, unit sales halve
At the mobile communications division, quarterly revenues fell 31.5 percent year-on-year to JPY 117.8 billion. The operating loss swelled to JPY 29.8 billion from JPY 2.5 billion as Sony took another impairment charge of JPY 16.2 billion to write down the value of assets.
Sony cut its full-year outlook for the mobile division again, amid expected weaker sales in Europe and Japan, and now forecasts a loss of JPY 95 billion on revenues of JPY 510 billion for 2018. Annual smartphone shipments are expected to nearly halve, to 7.0 million from 13.5 million in 2017. In Q3, they were down to 1.6 million from 3.4 million a year ago.
