Sony Reports Better Earnings Outlook

TOKYO – Troubled Japanese giant Sony announced both a boost in third-quarter net profit and a brighter forecast for the full year 2014-15 earnings.

For the quarter from October to December the company’s net profit totalled $757 million (JPY89 billion), compared with $225 million (JPY26.4 billion) in the same period the previous year. Operating profit doubled year-on to $1.52 billion (JPY178 billion) and revenue rose 6% to $21.8 billion (JPY2.56 trillion).

For the current fiscal year ending March 31, Sony Wednesday said that it now estimates its net loss will amount to $1.45 billion (JPY170 billion), less than the $1.96 billion (JPY230 billion) previously predicted.

Stronger sales of images sensors and PlayStation 4 consoles contributed to the better than earlier announced forecast.

The quarterly results are not final, since Sony has yet to close its books on Sony Pictures Entertainment, which suffered a devastating cyberattack in November that seriously damaged its financial and accounting software.

Sony president and CEO Kazuo Hirai is also scheduled to outline what Sony describes as a ‘new business strategy’ on Feb. 18.

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