Sony hikes PlayStation Plus fees by a quarter

Sony hikes PlayStation Plus fees by a quarter

Net income rose 282.1 percent to 80.9 billion yen ($734 million).

Meanwhile, its video game business in the first quarter saw profit fall by almost half amid a lack of strong software releases and last year's price cut on the PlayStation 4 home console.

In an email sent to users late last week, Sony confirmed that it is to hike the price of a PlayStation Plus membership from the end of August.

Sony Pictures Television Networks, the Culver City, California-based unit of the consumer electronics group, paid $143 million for a 95 percent stake in Funimation, Sony said in a statement and regulatory filing Monday.

Sony Music also reported their top 10 best-selling albums for the first quarter ending June 30, 2017. Notably, sales and operating revenue increased by 15.2% compared to the same quarter of the previous fiscal year to 1,858.1 billion yen.

On Tuesday, Sony said operating profit rose nearly three-fold in April-June to 157.61 billion yen ($1.43 billion), exceeding the previous first-quarter record by about 30 percent, and beating analyst estimates by a similar degree. This significant increase was primarily due to increases in Financial Services and Semiconductors segment sales.

But Sony trimmed its full-year sales outlook for sensors, issued just three months ago, by 2.9 percent as Chinese phone makers steer away from building the high-end handsets that Sony typically targets.

More news: Priebus the latest official to leave Trump administration

If you had to guess - without looking at any numbers, of course - what modern console is selling more than any other, you'd probably say that it's the PlayStation 4.

Quarterly operating profit easily topped a consensus estimate of 133 billion yen.

Mobile Communications sales were essentially flat due to a change in product mix, partially offset by an increase in unit sales, both in smartphones.

The profitability of the game business is expected to improve in the second half of the business year as more titles get released, Sony said.

The decline in earnings happened due to the price cut on hardware and the negative impact of the exchange rate between yen and dollar.

Sony expects semiconductors to continue to be a cash cow, as demand for image sensors will grow with improving smartphone specifications.

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