Sony Sees Profits Jump as Selfie Trend Drives Image Sensor Demand

Sony (SNE) reported its highest first quarter profits in 8 years, as the growing selfie trend drove demand for smartphone camera image sensors. Sony will use funds from its capital raise announced last month to boost image sensor production. The products have become a best seller, with clients including Apple (AAPL), Samsung and Chinese handset maker Xiaomi, which all use cameras on both the front and the back of the phone. Strong sales of PlayStation games also helped offset losses in Sony's movie division. Sony profits were up threefold, coming in $664 million, almost double most analyst estimates. The company was also buoyed by insurance recoveries following the highly broadcast cyber attack on the entertainment division. However, Sony shares slumped on the news of the company's decision to raise capital for the first time in almost 15 years.