NEW YORK (TheStreet) -- Shares of Sony Corp. (SNE - Get Report) are up 2.97% to $18.05 in pre-market trade after the company reported an unexpected first quarter profit as the PlayStation 4 topped sales for game consoles and the "Amazing Spider-Man" rejuvenated box office receipts for its Hollywood studios, Bloomberg reports.
The company reported net income of 26.8 billion yen ($261 million) in the three months ended in June, compared with 3.5 billion yen a year ago.
That compares with the 11.5 billion-yen average loss of four analyst estimates compiled by Bloomberg.
TheStreet Ratings team rates SONY CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SONY CORP (SNE) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself."