Report: Sony strikes gold, sees profitable Q1

News by Nathan Grayson Contributor

Published on July 27, 2010

Somewhere, off in an - in all likelihood fictional - alternate universe, Kevin Butler's riding a golden jet ski powered by fuel made from ground-up diamonds.

Of course, he always did that. But now, Sony can actually afford it.

According to Japanese publication Nikkei (via ABS-CBN), Sony's set to announce a first quarter net profit of 30 billion yen ($342 million) thanks in large part to "aggressive cost-cutting."

We imagine cake and confetti are the orders of the day around the Sony offices, as this is the first profit in two quarters. For comparison's sake, the electronics giant reported a 25.7-billion-yen loss during the same April-June stretch in 2009.

Apparently, even Sony's PlayStation division - which was looking a bit green as opposed to seeing it last quarter - managed to turn a profit this time around.

An official announcement from Sony is expected this Thursday.