Sony expects quadruple profits
April 30, 2015
Sony expects operating profit to more than quadruple because of higher device sales and cost-cutting measures.
The Japenese firm forecasts operating income of 320 billion yen (£1.7bn) for the year ending in March 2016.
Sony has cut its profit outlook 15 times in seven years, prompting chief executive Kazuo Hirai to undertake a broad restructuring. Hirai sold off its personal computer business and spun off its loss-making television division into a separate structure.
The company’s smartphone division is also still struggling to compete against Samsung, Apple and cheaper Chinese producers such as Xiaomi and Huawei.
Restructuring charges are expected to be approximately 35 billion yen for the new fiscal year, the company said in a statement.