Sony Lifts Outlook With Profitable 2Q
Tokyo, Japan (AHN) – Sony reported profits for the second quarter on Friday, beating expectations and coming back from a loss a year ago. The Japanese electronics giant raised its profit forecast for the full year despite the strong yen.
Net income for the period ended Sept. 30 was 31.1 billion yen ($375 million), up from a loss of 26.3 billion yen a year ago. Revenue rose 4.3 percent to 1.7 trillion yen, driven by an increase in sales in all businesses except the music unit, which fell 10 percent to 111 billion yen ($1.3 million).
Sales of networked products and services, such as personal computers and PS3, led growth with a 5 percent increase to 369.1 billion yen ($4.4 million).
Sony revised its profit outlook for the full year from 60 billion yen to 70 billion yen ($869 million) but said it expects a “difficult business environment” until the end of the year in March 2011.
It cut its sales forecast by 3 percent to 7.4 trillion yen because of the stronger local currency. The average rate of the yen during the quarter was 84.9 yen against the dollar, 9.2 percent higher than during the same period a year ago.
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