Sony Forecasts Record Annual Profit as Sensor Sales Rise
Japan’s Sony has said it expects to deliver record annual profits as sales from its gaming businesses and smartphone parts boost the firm.
The electronics company has forecast an operating profit of 630bn yen ($5.6bn; £4.2bn) for the year to March.
The Playstation console maker had previously forecast 500bn profit for the period.
Playstation and smartphone part sales have helped the once ailing electronics firm revive its fortunes.
In a statement on Tuesday, the company also said profit for the three months to September jumped to 204.2bn yen, from 45.7bn yen a year earlier.
The better-than-expected result was partly due to a rebound after earthquakes in Japan hit production last year.
Strong sales in its semiconductor business – which includes image sensors found in smartphone cameras – lifted earnings.
Sony also pointed to healthy sales in its motion picture business thanks to the success of Spider-Man: Homecoming around the world.
Not all recent films have fared so well.
Sony wrote off nearly $1bn at its movie unit earlier this year, following several box office disappointments, including the remake of “Ghostbusters” with an all-female cast.
Sony has made thousands of job cuts and asset sales, and focused on gaming and image sensors to drive the turnaround of its business after years of losses.
The company has also increased investment in artificial intelligence, as it seeks to catch up with US tech giants Amazon and Alphabet.