Sony raises forecasts again
April 23, 2015
Consumer electronics giant Sony has raised its earnings estimates for the second time in three months, citing higher than expected sales of video games and digital cameras, and possibly turning a corner in its flagging fortunes.
Sony said it “probably” made an operating profit of 68 billion yen ($569 million) in the year ended March 31st, compared with 26.5 billion yen a year earlier. That compares with its previous estimated operating profit of 20 billion yen.
Sony is finally reaping the benefit of restructuring efforts after weak TV and smartphone sales brought years of heavy losses. It is set to make its official earnings statement for the year on April 30th.
As part of restructuring, Sony has recently spun off its TV set business. It also plans to split off its audio and video business as part of a new strategy to encourage greater autonomy among its subsidiaries.