Sony swings back to Q2 profit, raises outlook

TOKYO, Oct 29 (BestGrowthStock) – Japan’s Sony Corp (6758.T: ) swung
back to a second-quarter profit (Read more your timing to make a profit.) on improved PC and game
businesses, and raised its outlook despite tough price
competition and a strong yen.

Sony, which competes with Samsung Electronics (005930.KS: ) and
LG Electronics (066570.KS: ) in televisions, and Nintendo (7974.OS: )
and Microsoft (MSFT.O: ) in games, reported a 68.65 billion yen
($847 million) operating profit for July-September, helped also
by cost cuts.

The quarterly profit compares with a 32.6 billion yen loss
during the same period last year and an estimate for a 35.1
billion yen profit in a poll of five analysts by Thomson Reuters
I/B/E/S.

For the full year to March, Sony raised its profit forecast
to 200 billlion yen from 180 billion yen. The forecast is above
an average estimate for a 187.4 billion yen profit from 23
analysts.

Continued restructuring helped prop up Sony’s TV business,
while strong sales of digital SLR cameras, in which it vies with
Japan’s Canon Inc (7751.T: ), also supported Sony’s earnings.

In games, Sony launched its Move motion-based video game
controller last month to be used with its PlayStation 3 console,
and it has shipped 1 million units of the new product in its
first month on the market in the Americas region.
(Reporting by Sachi Izumi; Editing by Dhara Ranasinghe and
Edwina Gibbs)

Sony swings back to Q2 profit, raises outlook