Sony Upgrades Full-Year Financial Expectations

Sony Corp. on Wednesday raised its financial forecasts for its latest fiscal year, ended on March 31.

The conglomerate, led by CEO Kaz Hirai, said that based on current information, revenue would come in higher and losses would come in below its previous forecasts.

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The company cited better-than-expected revenue at its financial services, music, imaging products and games businesses. It also boosted its operating profit forecast on the higher revenue, as well as lower costs in its Home Entertainment & Sound segment and better-than-expected financial services trends.

Overall, Sony forecast a net loss for the fiscal year of $1.05 billion (126 billion yen), down from 170 billion yen. Its operating profit forecast was boosted to $568 million (68 billion yen) It raised its revenue estimate to $68.5 billion (8.2 trillion yen) from 8.0 trillion yen.

Sony had already raised its full-year financial estimates earlier this year.

Sony will announce its final results for the fiscal year on April 30. "Actual results may differ from this forecast due to a variety of factors," it said.

This article was first published by The Hollywood Reporter.