Sony Posts Higher Quarterly Profit, Narrows Loss Outlook

reported a rise in its net profit for latest quarter and narrowed its loss guidance for the full year. The Japanese company's quarterly net profit jumped to Yen89.0 billion, versus a year-ago profit of Yen26.4 billion. However, analysts were expecting a profit of Yen31.91 billion. The company's revenue gained to Yen2.558 trillion from Yen2.411 trillion, while operating profit also climbed to Yen178.3 billion in the quarter. Analysts were projecting revenue of Yen2.36 trillion and operating profit of Y96.12 billion trillion. Sony's smartphone unit posted an operating profit of Yen9.3 billion in the latest quarter, while devices unit posted an operating income of 54.5 billion yen, versus an operating loss of 23.5 billion yen. For the full fiscal year ending March, the company Sony now projects revenue of Yen8 trillion, versus earlier forecast of Yen7.8 trillion. The company now expects an operating profit of Yen20 billion, versus earlier forecast of Yen40 billion operating loss. Sony now expects a net loss of Yen170 billion, versus prior outlook for a loss of Yen230 billion. Sony now projects to sell 39.2 million smartphones in the year, versus prior outlook of 41 million. It now expects to sell 17.5 million video games consoles, versus previous outlook of 17 million. Sony shares gained 0.26% to close at $23.39 yesterday.