Sony Earnings: Electronics Giant Swings Back to Profit, Raises Outlook
The electronics giant earned a net profit of 25.7 billion yen -- or $294 million at current exchange rates -- for the quarter, which ended June 30. In the same quarter last year, Sony lost 37.1 billion yen ($427 million).
Revenue grew 3.8% to 1.66 trillion yen ($19.1 billion) as the Tokyo-based company saw big improvements in sales of LCD TVs, PCs and PlayStation 3 game consoles and game software. Its Consumer Products and Devices Group, which makes televisions and cameras, saw sales grow by 8.9%, while its Networked Product and Services segment, which makes PCs and games, saw revenue shoot up 30.4%.
Sony also swung to an operating profit of 67.02 billion yen ($771.9 million) from a year-ago loss of 25.7 billion yen ($296 million). Analysts had expected an operating loss of 13.1 billion yen ($150.9 million), according to Thomson Reuters.
Looking ahead, Sony raised its forecast for the full year through March 2011, though it expects the yen to keep appreciating. It now expects a net profit of 60 billion yen ($691.1 million), up from its previous estimate of 50 billion yen ($575.9 million). It kept its revenue projection unchanged at 7.6 trillion yen ($87.5 billion). It also lifted its operating profit outlook by 12.5% to 180 billion yen ($2.07 billion), compared with earlier estimates of 152.6 billion yen ($1.76 billion), according to Thomson Reuters I/B/E/S.