Sony Surges as Analysts Say Profit May Reach Highest Since 1998
- Operating profit tops $2 billion for second year in a row
- Analysts expect $4.5 billion profit target, highest since 1998
This article is for subscribers only.
Sony Corp. shares jumped the most in almost three months after the company’s better-than-projected preliminary earnings boosted analyst confidence in its ability to hit the highest profit levels in almost two decades.
The Tokyo-based company rose as much as 4.6 percent in early Tokyo trading, headed for its biggest jump since Feb. 3. Sony 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 after the close. It also said net income would be about 73 billion yen, more than twice the previous forecast.