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Sony earnings boosted by weak yen and smartphone sales Sony earnings boosted by weak yen and smartphone sales
(35 minutes later)
Electronics giant Sony has reported a jump in profits for the April-to-June quarter, boosted by a weak yen. Sony has reported a jump in profits for the April to June quarter, boosted by a weak yen and surge in smartphone sales.
It made a net profit of 3.5bn yen ($35m; £23m) in the quarter, compared to a loss of 24.6bn yen last year. It made a net profit of 3.5bn yen ($35m; £23m) in the quarter, reversing a loss of 24.6bn yen last year.
Many Japanese firms have seen their profits jump amid a sharp decline in the yen's value - which lifts profits when they repatriate their foreign earnings back home.Many Japanese firms have seen their profits jump amid a sharp decline in the yen's value - which lifts profits when they repatriate their foreign earnings back home.
The yen has dipped nearly 25% against the US dollar since November.The yen has dipped nearly 25% against the US dollar since November.
Sony said its profit was also boosted by a rise in smartphone sales. A weak currency also makes Japanese goods more affordable for foreign buyers, helping boost sales of exporters such as Sony.
The company said its sales rose 13% in the three months to the end of June, from a year earlier, primarily "due to the favourable impact" of the currency movement.
It also raised its sales forecast for the current financial year to 7.9 trillion yen from its projection of 7.5 trillion yen in May.
Smartphone boost
Sony said its profit was also boosted by rise in smartphone sales.
Sales in its mobile products and communications division, which manufactures smartphones, rose 36% from a year earlier.Sales in its mobile products and communications division, which manufactures smartphones, rose 36% from a year earlier.
The firm added that the division also benefited from the increase in the average selling price of smartphones. The division also benefited from an increase in the average selling price of the handsets.
Sony has launched new models in an attempt to boost its share of the fast-growing smartphone market and take on competitors such as Samsung and Apple.
Last month, it announced a waterproof Android smartphone with a 6.4in screen (16.3cm), the Xperia Z Ultra, which it pitched as the slimmest large-screened handset on the market.
It can also accept sketches or notes written using a standard pencil or metal-tipped pen in addition to an optional stylus.
It had unveiled a the original Xperia Z smartphone with a 5in screen in January this year.