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Sony trims 2014 net loss forecast, preliminary Q3 profit beats estimates

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Japan's Sony Corp said its net loss for 2014 was likely less than previously forecast as cost cuts and higher-than-expected sales of its image sensors and PlayStation video game consoles helped lift its third-quarter profit.

[TOKYO] Japan's Sony Corp said its net loss for 2014 was likely less than previously forecast as cost cuts and higher-than-expected sales of its image sensors and PlayStation video game consoles helped lift its third-quarter profit.

Sony said its preliminary results showed that operating profit had doubled to 178.3 billion yen (US$1.52 billion) while sales rose 6 per cent to 2.56 trillion yen in October-December quarter.

Analysts had on average expected an operating profit of 96.6 billion yen on sales of 2.38 trillion yen, according to Thomson Reuters data.

Sony also forecast a preliminary full-year net loss of 170 billion yen, narrower than its October forecast for a net loss of 230 billion yen for the year.

Sony had said it would delay announcing the official results for the third quarter as its Hollywood studio struggled to recover from a massive hacking of its computer systems.

REUTERS