This week, Sony Corp (NYSE: SNE), the Japanese electronics and entertainment giant, reported its financial results for the first quarter ended June 30, 2017.
According to the company, operating profits for the first quarter increased to $1.43 billion, which is nearly three times the number in the same period last year. Net profits increased from 21.17 billion yen in the same period last year to 80.87 billion yen ($730 million) in the second quarter. Compared to the same period last year, revenue was up 15.2% to $17.23 billion.
According to the company, the surge in profits was motivated by the recovery in image sensors from the earthquake damage a year ago, and semiconductor division earned profits of 55.4 billion yen. However, for the full year, the company expected that the sales of sensors would decrease by 2.9%. In addition, the company expected the operating profits for the full year ending March to be unchanged.
“When we marked strong earnings 10 years ago or 20 years ago, we always suffered sharp setbacks in the following year and onwards,” Kenichiro Yoshida, the Chief Financial Officer of Sony, said at a news briefing. “We will keep going with a sense of pressure.”