Sony: Q1 PS3 Hardware Sales Up 118 % Year-on-Year


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- Sony Corporation announced its consolidated results for the first quarter of the fiscal year ending March 31,2011 (April 1, 2010 to June 30, 2010)

- Sony Corporation posted operating income of $753 million;the company reported net income of $289 million

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Sony Corp., the world's No.3 television maker, raised its full-year earnings forecasts after sales of TVs helped the company post an unexpected profit last quarter.

Net income will probably be 60 billion yen ($688 million) in the year ending March 2011, compared with an earlier projection of 50 billion yen, the Tokyo-based company said in a statement today. Operating profit, or sales minus the cost of goods sold and administrative expenses, may be 180 billion yen, compared with the 160 billion yen forecast in May.

Chief Executive Officer Howard Stringer has started to focus on new products as the global economic recovery revives consumer demand. The maker of Bravia TVs in May unveiled the prototype of a set that will deliver video and music over the Internet in partnership with Google Inc. and started selling 3-D TVs in the U.S., Europe and Japan last month.

Sony added 0.1 percent to close at 2,611 yen in Tokyo trading before the announcement, narrowing its loss this year to 2.2 percent. Samsung Electronics Co. has advanced 3.5 percent, while Panasonic Corp., Sony's closest domestic rival, has lost 19 percent, while the benchmark Nikkei 225 Stock Average has declined 8.1 percent this year.

First-quarter net income totaled 25.7 billion yen, compared with a 37.1 billion yen loss recorded a year earlier, Sony said. The median estimate by six analysts in a Bloomberg News survey was for a shortfall of 18 billion yen.

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Source: http://www.bloomberg...ast-by-20-.html

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