Sony reports 24% operating profit growth beats estimates

Japan’s Sony Corp reported on Tuesday a 23.7 percent jump in first-quarter operating profit, far above analyst estimates, due to strong online sales of gaming software.
The electronics firm posted profit of 195.0 billion yen ($1.75 billion) for April-June, from 157.6 billion yen a year prior. The result compared with the 145.23 billion yen average of eight analyst estimates compiled by Thomson Reuters I/B/E/S.
With the previous year’s one-time gain of 36.8 billion yen excluded, Sony logged even sharper first-quarter growth. The one-time gain came from the sale of Sony’s camera module unit and the receipt of insurance payouts for earthquake damage.
Sony maintained its profit forecast for the year ending March at 670 billion yen. That compared with the 754.66 billion yen average of 24 analyst estimates.
Source: Reuters