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Sony Corp. posted quarterly earnings today, revealing income was significantly boosted by its bestseller PlayStation 4 gaming console. Successful movies also added to revenue, while the company still projected a net loss through years end.

Revenue for the three months ended June 30 were logged at ¥1.809 trillion (about $17.74 billion), up 5.8% on an annual basis. Revenues were boosted by a weaker yen, which depreciated 3.4% against the US dollar in the past year, and on a constant currency basis sales increased by 3%. The companys operating income increased 96.7% to ¥69.8 billion, while net income stood at ¥26.8 billion, compared with ¥3.1 billion in the year before, after an effective tax rate of 38.1%.

CEO “Hirai’s reforms are starting to produce results, and he was fortunate that movies and the PS4 sold well,” Makoto Kikuchi, Tokyo-based chief executive officer for Myojo Asset Management Co., said for Bloomberg. “It’s creating an atmosphere in which Sony can make a profit.”

Sony attributed the improving performance to the surprisingly positive sales of its “new-gen” PlayStation 4 gaming console, which boosted the Games and Network division revenue by 95.7% to ¥257.5 billion. Sony sold 18.7 million console units last year, while its top competitor – Nintendo sold 16.7 million. Nintendo posted earnings yesterday, revealing a worse-than-expected quarter, primarily due to sluggish console sales.

Sonys Pictures department, which includes motion pictures and TV productions also saw a sizable increase in income at ¥194.8 billion, up 22.6% from the year before, with strong theatrical performances of The Amazing Spider-Man 2 and 22 Jump Street .

The mobile communications division recorded a 10.1% increase in sales to ¥314.3 billion, and Sony lowered its projection of full-year smartphone sales to 43 million, down from 50 million. The worlds leading smartphone manufacturer, Samsung, posted its own quarterly earnings earlier today, to reveal a shrinking market share amid growing competition in the sector.

Full-year revenue forecast was adjusted to ¥7 800 billion, which would match last years performance, while operating income was projected to be at ¥140 billion, four times the figure of 2013. Net loss was still in sights though, forecast at ¥50 billion, while the net result for 2013 was a -¥128.4 billion.

Sony Corp closed 1.06% lower to trade at ¥1 772 (about $17.37) in Japan today, which was before the reported was posted, for a market capitalization of ¥1.87 trillion (about $18.33 billion). According to the Financial Times, 18 analysts offering 12 month price targets for Sony Corp have a median target of ¥2 020, with a high estimate of ¥2 700 and a low estimate of ¥1 360. The median estimate represents a 14.00% increase from the last price of ¥1 772.

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