Sony said Tuesday its net profit surged 53.3 percent in the first quarter, but warned annual profits were likely to see double-digit falls compared to the previous fiscal year.

The media-electronics conglomerate said its net profit for the April-June quarter reached 233.25 billion yen ($2.2 billion), reporting “significant increases” in its game and network services and financial services segments.

But operating profit slipped, and the company warned annual net profit for the year to March was forecast to drop 12.4 percent to 510 billion yen.