The Japanese company Sony Corp. reported a larger-than-expected increase in net profit for the first financial quarter, enabling it to revise its full-year forecasts upwards.
According to the company’s press release, its net profit for April–June rose by 32 per cent to 342.2 billion yen ($2.15 billion), compared with 259 billion yen for the same period last year. Analysts surveyed by Visible Alpha had forecast, on average, that the company’s net profit would be 262.6 billion yen.
Operating profit rose by 40 per cent to 476.5 billion yen.
Revenue increased by 8.2 per cent to 2.84 trillion yen.
According to Sony’s new forecast, its revenue for the current financial year will rise by 0.2 per cent to 12.5 trillion yen, whilst net profit will increase by 17 per cent to 1.21 trillion yen. The previous forecast had projected revenue of 12.3 trillion yen and net profit of 1.16 trillion yen.
Sony’s shares fell by 0.6% during trading on Friday. Since the start of the year, the company’s market capitalisation has fallen by 5.9% to 22.57 trillion yen.