Sony's quarterly profit surges to $871 million
Sony Corp. says net profit for the October-December quarter surged more than sevenfold, thanks to cost cuts and an improved performance in its mainstay consumer electronics division.
The Japanese electronics and entertainment company booked a net profit of 79.2 billion yen ($871 million) in the fiscal third quarter, up from 10.4 billion yen a year earlier.
Revenue rose 4 percent to 2.24 trillion yen, while operating profit totaled 146.1 billion yen. Sony booked an operating loss of 18 billion yen a year earlier.
Sony revised its outlook for the full fiscal year through March 31.
It now expects a net loss of 70 billion yen, a 22 percent improvement from its previous loss forecast of 95 billion yen.