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05 March 2024

Sony's operating profit falls, keeps forecasts

A man watches a presentation of Sony interactive television during press day of the Internationale Funkausstellung (IFA) consumer electronics fair at "Messe Berlin" exhibition centre in Berlin. (REUTERS)

By Reuters

Japan's Sony Corp posted a 5.9 percent fall in October-December operating profit on Thursday as a price war hit its television unit and a stronger yen weighed, but it beat analysts' expectations.

The results came a week after Sony unveiled a new portable games device, the Next Generation Portable, aiming to take on Nintendo Co Ltd and fend off competition from Apple Inc.

The maker of Vaio PCs and PlayStation game consoles reported an operating profit of 137.52 billion yen ($1.68 billion) compared with an average estimate of 127 billion yen in a poll of eight analysts by Thomson Reuters I/B/E/S.

Sony left its full-year profit forecast unchanged at 200 billion yen, compared with a consensus estimate of 217 billion yen in a poll of 23 analysts by Thomson Reuters I/B/E/S.

Shares in Sony rose 0.7 percent ahead of the announcement, outperforming a 0.3 percent fall in the Nikkei average.

($1=81.72 Yen)