Sony Raises Profit Forecast Again, Say Reports

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.

More Biz

  • Roc Nation Label Names Shari Bryant

    Roc Nation Label Names Shari Bryant and Omar Grant Co-Presidents

    Roc Nation has named Shari Bryant and Omar Grant co-presidents of the Roc Nation Label, the company announced today. The two will lead the Roc Nation team to develop strategies for signed artists while continuing to build the talent roster, according to the announcement. “There is no better way to celebrate my 20th anniversary in the [...]

  • Bert Salke and Jennifer Salke

    Feds Looked Into Amazon Studios Chief Jennifer Salke in College Admissions Scandal

    Federal investigators looked into Amazon Studios chief Jennifer Salke and her husband, Fox 21 Television Studios president Bert Salke, as they conducted a sprawling probe of cheating in elite college admissions, a source close to the case told Variety. It does not appear, however, that prosecutors will charge the Salkes in the case. The Salkes [...]

  • Variety Cord Cutting Placeholder Cable

    Big Blackout Looms as CBS, AT&T Go Down to Wire on Renewal Talks

    A blackout affecting CBS stations in major markets throughout the country looms as CBS and AT&T executives go down to the wire on negotiations for a retransmission consent deal covering 28 O&O stations. The sides have sparred publicly during the past few days as 11 p.m. PT Friday expiration of the previous contract approached. AT&T [...]

  • Contract Placeholder Business WGA ATA Agent

    ICM Responds to WGA Packaging Lawsuit: Claims are 'Baseless' and 'Absurd'

    ICM Partners has asked a judge to dismiss the lawsuit filed against four major talent agencies by the Writers Guild of America as part of the larger war between agencies and the guild over packaging fees on TV series and movies. The guild sued ICM, CAA, WME and UTA in California state court in April, [...]

  • New York City NYC Placeholder

    CityFM Podcast Takes a Deep Look at New York’s Music Scene (Listen)

    First among the many projects listed at the beginning of New York Music Month in June was a WNYE radio show and podcast called CityFM that promised to “explore the city’s music culture, emerging artists and trends, and upcoming events told through the lens of what’s happening around the city in Summer 2019.” And while [...]

  • Live Nation Logo. (PRNewsFoto/Live Nation)

    Live Nation Confirms Placing Tickets Directly on Secondary Market at Artists’ Request

    Representatives for Live Nation, the world’s largest live-entertainment company and owner of Ticketmaster, confirmed that it bypassed conventional channels and directly placed thousands of concert tickets on the secondary market upon artists’ request, in an article published in Billboard. In a statement shared with Variety, the company acknowledged that it has facilitated the transfer of [...]

More From Our Brands

Access exclusive content