Sony Hits Decade High on Blow-Out Quarter, Record Outlook
- Revises forecast to highest ever, topping analyst estimates
- Sales climbed in all major divisions, topping estimates
Sony Corp. is prospering again. Shares climbed 11 percent to their highest since 2008, after the company increased its annual operating profit outlook to a record 630 billion yen ($5.6 billion). That exceeded the 591 billion yen average that analysts were projecting.
Demand for high-end 4K televisions and wider use of camera chips helped to make up for slower growth in the PlayStation business and a lack of blockbuster films. The revenue forecast for the period was raised to 8.5 trillion yen from 8.3 trillion yen. Since taking charge in 2012, Chief Executive Officer Kazuo Hirai restructured the Tokyo-based company and invested in key divisions, helping to restore the company’s reputation as a manufacturer of high-quality electronics products.