Tokyo: Sony Corp raised its profit a second time since February as Chief Executive Officer Kazuo Hirai’s revamp stokes earnings from games and financial services. Operating income more than doubled to 68 billion yen (Dh2.08 billion, $567 million) in the year ended March, the company reported Wednesday. That compares with the 47.2 billion-yen average of analyst estimates compiled by Bloomberg and is more than triple its February forecast.
Hirai’s emphasis on profitability instead of volume growth and Chief Financial Officer Kenichiro Yoshida’s focus on accountability have restored investor confidence in the company. Sony shares have surged this year, outperforming Japan’s benchmark index threefold, as it predicts earnings in the fiscal 2018 to reach a two-decade high on growth from game consoles, entertainment and sensors for smartphone cameras.
