Sony reported a $35 million profit on August 1 — putting a smile on the face of hedge fund Third Point founder, Daniel Loeb. In May, Loeb announced that he had accumulated $1.1 billion worth of Sony stock and derivatives and called for the spin-off of its entertainment division, according to DealBook. Since then the stock has risen about 25%.
Behind Sony’s sunny profit report was a pair of MIT researchers whose company, QDVision, has restored vibrant red and blue to Sony’s high-end TV sets. And that color advantage yielded a burst of demand for Sony TVs — making that division profitable for the first time since 2004. According to AP, Sony’s April-June quarterly profit “came on the back of its [$5,000 per unit] 4K TVs, an extremely high-end product.”
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