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Friday, February 02, 2018
Music and TV Sales Fuel Sony's Record Third Quarter Profit, Hirai to Step Down


Sony's third-quarter operating profit was increased as strong profits in the music division and better sales of high-end TVs made up for slowing growth in games and image sensors.

The Japanese firm posted an operating profit of 350.8 billion yen ($3.20 billion) for the October-December quarter, up from 92.4 billion yen a year ago. That was Sony's highest third-quarter profit ever. The profit is attributed to robust sales of Sony's music division and better sales of high-end TVs , which made up for slowing growth in games and image sensors.

Sony also raised its profit forecast for the year ending March to 720 billion yen from 630 billion yen.

Sony also announced that that CEO Kazuo Hirai would be replaced by CFO Kenichiro Yoshida, effective April 1.

Once a market leader in consumer-electronics, the Hirai-Yoshida duo helped Sony streamline its unprofitable electronics businesses and capitalize on the spread of smartphones with image sensors. Under their leadership, Sony proceeded to many controversial changes, including the sale of the Vaio PC division and spinning off the TV business.



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