Sony: Revival delivers surprise profit

SONY posted a surprise first-quarter profit yesterday as the PlayStation 4 (PS4) topped game console sales and The Amazing Spider-Man rejuvenated box-office receipts for its Hollywood studios. The company posted net income of ¥26.8 billion (R2.8bn) in the three months to June, compared with ¥3.5bn a year earlier. Entertainment content, consoles and mobile devices underpin chief executive Kazuo Hirai’s efforts to revive Sony as it predicts a sixth annual loss in seven years on declining demand for televisions and digital cameras. Games, including Madden NFL 15, are being released to maintain momentum for the PS4, while The Amazing Spider-Man 2 and Pharrell Williams’s hit song Happy spark a recovery at the entertainment units, but Sony still cut its sales forecasts for smartphones and televisions. – Bloomberg