Sony Shares Surge On Hopes Of Anticipated Best Profit In 20 Years
Sony has raised its earning outlook for the fiscal year that ended March 31- according to Sony, in the financial year 2016-17, its operating income was roughly 285 billion yen ($2.6 billion), up from a previous forecast of 240 billion yen. Pre-tax profit is expected to come in at 250 billion yen, up from February’s forecast of 196 billion yen.
“The forecast for consolidated operating income has been revised upward due to expected improvement, compared with the February forecast, in all segments other than the components segment, which is expected to deteriorate compared with the February forecast,” Sony said in its statement on Friday.
“The primary reasons for the upward revision in the segments that are anticipated to improve are expected decreases in amortization of deferred insurance acquisition costs and other costs in the Financial Services segment and lower costs than anticipated in February in the other segments, particularly Semiconductors.”
This is expected to be the best profit the company has turned in 20 years– and so, CNBC is reporting, its shares are surging on the stock market. This is good news, because a healthy Sony means that PlayStation can continue putting its best foot forward like it has been- and that can only mean good things for the industry.