Sony is still up the Swannee

Sony said that any figures which show it making a profit for the first time in two years should not really be seen as a comeback.

The outfit said that its electronics division faces hard times ahead and only had its nadgers pulled out of the fire by a very weak yen.

Sony is facing pressure from activist shareholder Daniel Loeb’s proposal to split the company in two.

Loeb wants Sony to spin off as much as a fifth of its money into an entertainment arm which will take care of all the movies, TV and music the business owns.

According to Reuters, he thinks this will make the outfit more transparent and accountable.

Sony’s financial announcement will give some weight to his demands.

Sony logged an operating profit of $369.68 million in the April-June quarter.

Its Xperia smartphones have sold well and the company lowered its yen exchange rate on so-called assumptions which will boost its earnings from sales overseas while cutting costs.

Sony said that consumer electronics were really in trouble and it had cut full-year sales targets for products from PCs to TVs to video cameras.

Chief financial officer Masaru Kato said in a statement that Sony made alright  first quarter results but he is pessimistic about the future.

The company has been restructuring like a mad thing. The TV business showed the greatest progress from streamlining with an operating profit for the quarter. That is the first time it has made money in three years.

Sony said it expected its game division to fall into the red this fiscal year, because it would have to pay development costs related to its new PlayStation 4 console.