Sony posts its first profit in 5 years

Sony posts its first profit in 5 years

Sony, having posted its earnings report for 2012, has reported an annual profit for the first time in five years. Sony’s net profit for 2012 is $458 million (43 billion yen), a number that is bolstered at least a little by the sale of some Sony properties.

A weakening yen was also a contributing factor to Sony’s numbers but that hasn’t stopped the company from projecting a better year in 2013. Sony is expecting a net profit for the current year of around $506 million (50 billion yen).

As far as Sony’s performance in 2012, the company’s TV division wasn’t too helpful as sales of televisions dropped 38% over the period. Smartphones cost Sony money, in spite of increasing sales, and the console gaming market also saw a drop in sales. Sony expects to sell 43 million smartphones in 2013, compared to 33 million last year. The Japanese firm has not given expectations for the PlayStation 4 but it is expected that the PS3 will experience a drop in sales.

It will be interesting to see Sony’s financial results for the end of 2013, where the company likely won’t have the assistance of property sales to boost results. If Sony can swing a profit then, then the company should be headed out of the woods.

Source: Engadget

Previously the editor of PCFormat and T3, Nic is a wordsmith by day and a web developer by night. Or is that the other way round? He has been the managing editor of Stuff's print version for several years and is now the digital publisher, leading the web, mobile and app evolution of your favourite mag.

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