Consumer electronics firm Sony Corp has raised its earnings estimates for the second time in three months, citing higher than expected sales of video games and digital cameras.
Sony said it probably made an operating profit of 68 billion yen (£379 million) in the year ended March 31, compared with 26.5 billion yen a year earlier. That compares with its previous estimated operating profit of 20 billion yen.
The Tokyo-based firm is finally reaping the benefit of restructuring efforts after weak TV and smartphone sales brought years of heavy losses. After massive cost cuts, it has sought targeted expansion under chief executive Kazuo Hirai in lucrative areas such as sensors for smartphone cameras.
As part of its restructuring, Sony has spun off its TV business. It also plans to split off its audio and video business as part of a new strategy to encourage greater autonomy among its subsidiaries.
The company had struggled to gain market share in high-end smartphones, lagging far behind leaders Apple and Samsung Electronics.
Sony also narrowed its overall net loss estimate to 126 billion yen from 170 billion yen, and raised its revenue estimate to 8.2 trillion yen from 8.0 trillion yen.
It cited strength in its financial services unit, saying the stock market's rise helped to bolster the finances of its life insurance division.
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