The Japanese electronics and entertainment giant said group net profit for the quarter to June 30 almost tripled from a year earlier to a record 226.45 billion yen ($2 billion), helped by a special profit from the sale of shares in Swedish streaming giant Spotify Technology S.A. Sony's remaining shares in Spotify are valued at ¥95.3 billion (~$852.06 million).
Annual sales are projected to rise slightly, with operating profit unchanged.
The company raised its annual net income attributable to stockholders guidance to 500 billion yen from the prior range of 480 billion yen, due to the expected increase in income before income taxes, partially offset by an expected increase in tax expenses. Right now, PlayStation Plus subscribers is holding steady with 33.9 million users.More news: First human cases of West Nile virus reported in Kansas
Sony also reported that God of War and Detroit had exceeded sales expectations and boosted hardware sales, and the hope the forthcoming Spider-Man game will have the same effect.
Nevertheless, Sony revised upward its financial projections for the year to March on a weaker-than-expected yen and the solid game business. The company also raised its operating profit forecast by 32%. After selling 2 million smartphones in Q1, Sony cut its full-year forecast further, to 9 million units from an outlook of 10 million in April. The company also had a few surprises to share in the quarter at the Electronic Entertainment Expo (E3).
The agreement was Sony's first major deal under Yoshida, who said the music business has enjoyed a "resurgence" in recent years due to streaming services provided by companies such as Spotify and Apple Inc. Sales increased 5.1 percent to 1.95 trillion yen.
When earnings in the year ended March exceeded the previous peak set in 1998, Sony pledged to maintain high profit levels to prove last year's record profit was not a one-off.