April 4, 2018 / 2:42 AM / a year ago

Spotify listing to land $986 million windfall for Sony in first quarter

Sony Corp's logo is seen at its news conference in Tokyo, Japan November 1, 2017. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) - Sony Corp (6758.T) said on Wednesday it expected to book a non-operating profit of about 105 billion yen (700.7 million pounds) in the April-June quarter from appraisal gains and a subsidiary’s sale of part of its stake in just-listed Spotify Technology (SPOT.N).

Sony said in a statement that wholly-owned unit Sony Music Entertainment had sold 17.2 percent of its 5.71 percent in Spotify when it debuted on the New York Stock Exchange on Tuesday. Shares of Spotify ended up 12.9 percent at $149.01 on their first day of trade, valuing the world’s largest streaming music service at $26.5 billion.

Reporting by Chang-Ran Kim; Editing by Stephen Coates

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