NEW YORK (TheStreet) -- Shares of Sony Corp. (SNE) - Get Report are down by 3.94% to $27.83 at the start of trading on Thursday morning, despite the company reporting a profit for the 2015 second quarter, the result of gains in its PlayStation 4 games, images sensors and cameras.
The Minato, Tokyo-based company's net income was 33.6 billion yen, or $278 million for the most recent quarter, Bloomberg reports. This is compared to a net loss of 136 billion yen for the same period in 2014.
"Structural reforms are going as planned as the company puts more emphasis on profit than on sales in digital cameras and smartphones. We can expect stable profit from devices and games," SBI Asset Management chief investment officer Yasuaki Kogure told Bloomberg.
Sony hiked its profit growth forecast for its gaming unit to 80 billion yen for the year ended March 2016. PlayStation 4 sales for the same timespan are expected to grow by 6% due to the decline in the gaming device's price, Bloomberg noted.
Separately, 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 solid stock price performance, compelling growth in net income and impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and poor profit margins.
You can view the full analysis from the report here: SNE