Sony sales boosted by smartphones, weaker yen

Sony reported revenues for its fiscal first quarter to June up 13 percent from a year earlier to JPY 1.713 trillion (USD 17.3 billion), boosted by the weaker yen and growing smartphone sales. Excluding currency effects, sales were down 3 percent. Operating profit jumped to JPY 36.4 billion from JPY 6.3 billion a year ago, driven by the mobile communications and financial services divisions, and the net profit rose to JPY 3.5 billion from a loss of JPY 24.6 billion a year earlier. 

The mobile division, which includes phones and computers, grew sales 36.2 percent to JPY 389 billion, and the operating result moved to a profit of JPY 5.9 billion from a loss of JPY 28.1 billion a year ago. The result included a benefit of USD 7 billion from patent royalties. 

Smartphone sales in units reached 9.6 million, up from 8.1 million in the March quarter and 7.4 million a year earlier. Sony said it also benefited from higher average selling prices. The company maintained its full-year outlook for unit sales of 42 million smartphones, but cut the forecast for cameras, TVs and PCs. 

Thanks to the positive currency effects Sony raised its full-year outlook to sales of JPY 7.9 trillion from a forecast in May of 7.5 trillion. The profit outlook was left unchanged.