Sony Announces Spike in Sales for Q1 2007
Electronics company Sony Corp. has released their first quarter financial results, announcing a 267.2 percent increase in sales.
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August 9, 2007* – Electronics company Sony Corp. has released its first quarter financial results, announcing a 267.2 percent increase in sales. Rebounding from a laptop battery recall and decreased income in 2006, operating profit rose to 99.32 billion yen (approx. $839.76 million USD) in the first quarter of the year, up from 27.05 billion yen (approx. $228.7 million) from the first quarter of 2006.
Sales rose from 1.74 trillion yen (approx. $14.7 billion) in Q1 2006 to 1.98 trillion yen (approx. $16.72 billion) in Q1 2007, a 13.3 percent increase from year-to-year, resulting in a net income of 66.5 billion yen (approx $540 million) in the quarter.
Sales in the electronics segment increased 11.6 percent from last year’s first quarter. "Products such as Cybershot digital cameras, BRAVIA LCD televisions and Handycam video cameras contributed to the sales increase," stated the report. An operating income of 84.1 billion yen ($709.9 million) was reported for the quarter, a 77.3 percent increase over the first quarter of 2006.
Sony also reported earning-per-share totaling 63.14 yen ($0.53) on the date of the financial report’s release, a 32.4 percent increase over Q1 2006’s earnings per share of 30.75 yen ($0.26).
Sony’s forecast for the 2007 fiscal year remains unchanged since its announcement May 16. The company expects sales and operating revenue to total 8.78 trillion yen ($74.1 billion), a 6 percent increase over the 2006 fiscal year.