Sony upgrades full-year forecast after quarterly profit triples

TOKYO: Sony on Tuesday revised upward its full-year profit and sales forecast, reporting first quarter profits nearly tripled from a year earlier, as it extends a roaring recovery under its new CEO.
The electronics and entertainment giant now forecasts ¥500 billion ($4.5 billion) in net profit for the fiscal year to March 2019, up from its earlier estimate of ¥480 billion.
Annual sales are now projected to rise slightly, with operating profit unchanged.
For the April-June quarter, it reported a net profit of ¥226.4 billion, up from ¥80.9 billion from a year earlier.
The figures are Sony’s first quarterly results under new CEO Kenichiro Yoshida, who replaced Kazuo Hirai in April.
The upward revisions confirm a smooth transfer of the reins at Sony following its return to health after huge losses in recent years.
Hirai spent the past six years salvaging the company from deep financial troubles, leading aggressive restructuring and terminating thousands of jobs while selling business units and assets.