) -- Michael Jackson is the rising tide that lifts all boats -- or at least those boats that have a financial stake in his assets.
became the latest beneficiary of his posthumous powers today, as it announced reported a smaller-than-expected 26.3 billion yen ($289 million) quarterly loss as cost cuts combined with healthy sales of PlayStation 3 game consoles and, yes, Michael Jackson hits.
Sony has been battered by the global slowdown, sliding prices of gadgets and its failure to produce new blockbuster consumer products. But the Japanese electronics and entertainment giant said Friday that it now expects a smaller loss for the full fiscal year through March 2010.
Sony is now projecting a 95 billion yen ($1 billion) loss compared with an initial forecast of a 120 billion yen ($1.3 billion) loss. The new forecast is marginally better than the 98.9 billion yen loss it suffered the previous fiscal year.
Several of Sony's Asian electronics competitors also filed their earnings today, including South Korea's privately held
, which said it managed to triple its profit in the July-September quarter amid increased sales. Likewise,
( PC) announced that is posted a quarterly profit for the first time in a year, helped by cost cuts and recovering demand for home electronics, while
reported a net profit of 100 million yen ($1.1 million) for the fiscal second quarter, up from a net loss of 26.9 billion yen in the same period a year earlier.
Sony shares gained 2.8% to close at 2,785 yen ($30) in Tokyo. ADRs in the company were changing hands relatively flat in pre-market trading, up 6 cents to 30.60 three hours before the open of the NYSE.
-- Written by Ty Wenger in New York
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