Sony posts 18% jump in first-quarter profit on a strong image-sensor business

TOKYO (Reuters) – japan’s Sony Corp (6758.T) on Tuesday reported a 18.4 percent rise in first-quarter operating profit, beating market expectations, thanks to strong performance of the image sensor in the industry.

FILE PHOTO, Sony image sensors and are displayed at the company headquarters in Tokyo, Japan, on November 27, 2017. The photo was taken on November 27, 2017. REUTERS/Toru Hanai

The electronics company posted an operating profit of 230.93 billion yen ($2.1 billion) for the April-June quarter, 195.01 billion yen a year earlier.

This was above the consensus estimate of 173.61 billion yen of 8 analysts surveyed by Refinitiv.

The company projects full-year sales forecast for the fiscal year that ended in March-at 8 to 10 billion yen.

After two years of record profits, Sony is now faced with a downturn in the gaming business is at the heart of the recent pick up in activity.

The industry is expecting increased costs for the development of a next-generation console, which analysts say will be coming out in 2020, when the five-year-old, the PlayStation 4 is nearing the end of his life.

But a higher gain on the image sensor business, led by demand for large-sized image sensor, and a multi-lens camera systems in smartphones, offset by the weakness in the gaming business.

In the semiconductor business, which is an image that includes the sensors, has reported a profit of 49.5 billion yen, an increase of 29.1 billion yen a year earlier.

The gaming company posted a profit of 73.8 billion yen, a decrease of 83.5 billion yen a year earlier.

($1 = 108.6200 of yen)

Reporting Makiko Yamazaki; Editing by Stephen Coates

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