Sony Raises Profit Forecast Again, Say Reports

Sony: Profit Forecast Raised Again

Japanese electronics and entertainment giant Sony is poised to report its highest operating profits since 2008. The company has revised its forecast for the third time in three months, say reports.

According to the Nikkei financial news service, Sony revised its figures on Saturday. It now expects to enjoy operating profits of $2.52 billion (JPY300 million) for the financial year to March. Reasons for the latest boost are strong performances from the PlayStation games console and sensors. The Nikkei report remains unconfirmed by the company itself, which by Sunday had not updated its investor relations website.

Sony previously updated its investor guidance just last week, citing good sales of digital cameras and video games. It forecast operating profits rising to JPY 68 million, and net losses of JPY126 million. Whether the latest revision is enough to give a positive bottom line remains unclear. Sony’s definitive results are due out in the coming week.

The improvement trend appears to be the fruit of cost-cutting, the disposal of its Vaio personal computer business and writedowns in its smart phone business. Further job cuts have been announced for the next year. The improving profits outlook allow the group to ride out the costs associated with the cyber hacking at Sony Pictures Entertainment, which followed completion of the controversial film “The Interview” late last year.

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