It retained projections for net profit of 255 billion yen, more than triple that of the previous year when it wrote down the value of its US film business, while operating profit is expected to surge 73.2 percent to reach the 500 billion yen goal. The combined Sony/ATV and EMI catalog has grown to 4.49 million songs, versus 4.21 million songs by the end of its prior fiscal year.
For the April-June quarter, Sony's operating profit almost tripled from a year before to 157.6 billion yen ($1.43 billion), a record for the first quarter. Sony said it is on course to achieve a sales target of 18 million for the year through March.
Meanwhile, the PlayStation Network now has 70 million monthly subscribers, giving Sony a steady revenue stream. Last year, the company reported ¥15.9 billion ($144.4 million).
Launched in 2010, PlayStation Plus offers PlayStation 3, PlayStation 4, and PlayStation Vita owners free games - which remain accessible only so long as the subscription remains active - and discounts on other titles plus 10GB of remote storage for game saves.More news: Demmer pushes Rauner education funding bill over Senate measure
- Within Sony's recorded music operations, streaming led the way, generating $346 million (38.44 billion yen), an increase of 25.4 percent from last year's corresponding period when streaming totaled $283.7 million (30.7 billion yen). On the other hand, digital download revenue fell 22.1% to $116.5 million.
However, Sony cut its sales outlook for the full year for its sensors, issued one quarter ago, by nearly 3% as phone makers in China shift from building handsets that are high end that Sony has typically targeted. This significant increase was primarily due to increases in Financial Services and Semiconductors segment sales.
It announced that the company's operating profit for the quarter jumped a massive 180.5% over the previous year, and net income jumped a staggering 281.4% to $564 million.
Further, for fiscal 2018, the company continues to expect attributable net income of 255 billion yen, and operating income of 500 billion yen.