Sony hikes annual profit outlook to record after profit jump

Company raises its annual profit forecast to 870bn yen from earlier estimate of 670bn

The Sony Playstation logo is seen at the Paris Games Week (PGW), a trade fair for video games in Paris last week. Photograph: Benoit Tessier/Reuters

The Sony Playstation logo is seen at the Paris Games Week (PGW), a trade fair for video games in Paris last week. Photograph: Benoit Tessier/Reuters

 

Sony on Tuesday reported a 17 per cent increase in second-quarter operating profit thanks to a strong performance from its gaming business and lifted its full-year earnings outlook to a record level.

Operating income for the Japanese entertainment and electronics firm came in at 239.5 billion yen ($2.1 billion) for the July-September quarter, above the 204.2 billion yen in the same period a year earlier.

Expectations for a strong result climbed after the Nikkei business daily reported on Saturday that Sony would log record first-half operating profit for a second year in a row.

Sony raised its annual profit forecast to 870 billion yen from an earlier estimate of 670 billion yen. That compares with a consensus of 796.4 billion yen from 25 analysts, according to data from Refinitiv.

-Reuters