(SON.L, SNE) reported that its first-quarter net income attributable to stockholders rose to 226.4 billion yen or $2.08 billion from last year's 80.9 billion yen.
Increasing smartphone competition means Sony "may need to cut the smartphone business outlook further or revise the current midterm business plan", Totoki said.
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Annual sales are now projected to rise slightly, with operating profit unchanged.
The figures are Sony's first quarterly results under new CEO Kenichiro Yoshida, who replaced Kazuo Hirai in April. Previously, the company had forecast that net income would be ¥480 billion (~$4.2 billion) on sales of ¥8.3 trillion (~$74.14 billion).
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Music: Streaming continued to grow, with Spotify last week announcing monthly active users had grown to 180 million, topping estimates.
To that end, Sony has been expanding businesses that promise stable revenue streams, such as online gaming services and music content libraries, while minimising the impact of the volatile sales cycles of game consoles and other electronic gadgets. Sony also raised its outlook for sales to 8.6 trillion yen from 8.3 trillion yen, citing higher-than-expected video-game sales. The camera segment of the company also flushed in cash and made $234 million in profit. Sony recorded a one-time gain of 53.9 billion yen from the sale and said its remaining shares have a fair value of 95.3 billion yen. They have also improved the sales forecast for the PS4 in the fiscal year 2019, and it is now 96 million, up one million from the previous forecast. Operating profit almost halved to JPY 29.1 billion, due to one-time insurance and divestment gains a year ago, but is expected to grow to JPY 120 billion over the full year to March 2019.
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The sales tax holiday runs through Sunday, August 5, and all retailers in the state are required to participate. Wisconsin is joining several other states across the country in taking part in a sales tax holiday this year.
Under that strategy, the gaming business saw profit increase to 83.5 billion yen in the three months ended June from 17.7 billion yen a year earlier, as high-margin online software and new first-party titles such as "God of War" and "Detroit: Become Human" compensated for slowing sales of PlayStation 4 consoles.