Sony Reports Preliminary Profit Above Forecast on Savings
- Company cites strong performance in most businesses, cost cuts
- Operating profit tops $2 billion for second year in a row
Visitors inspect Sony Xperia Z3, Z4 and M4 smartphones on display in the Sony Corp. pavilion at the Mobile World Congress in Barcelona, Spain, on Monday, March 2, 2015.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Chief Executive Officer Kazuo Hirai is showing the turnaround at Sony Corp. was no fluke.
The Tokyo-based company reported preliminary operating profit of 285 billion yen ($2.6 billion) for the fiscal year through March 2017, 19 percent higher than its previous forecast, according to a statement Friday. It also said net income would be about 73 billion yen, more than twice the previous forecast.