Sony Back in Black, Lifts Profit Forecast

Sony swung to a profit in its fiscal second quarter and raised its forecast for the year on the back of its strong game business and personal computers.
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TOKYO (

TheStreet

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Sony

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said Friday it swung to a profit in its fiscal second quarter and raised its forecast for the year on the back of its strong game business and personal computers.

Sony earned 31.1 billion yen ($385.5 million), compared with a year-earlier loss of 26.3 billion yen. Operating income for the quarter was 68.7 billion yen.

Sony said revenue rose 4.3% to 1.73 trillion yen.

Sony said its networked products & services segment, which includes its PlayStation 3 consoles, "contributed significantly to the improved consolidated operating results."

Sony sold 3.5 million PlayStation 3 consoles in the second quarter, up 9% from last year. PC unit sales were 50% higher.

Sony raised its fiscal-year earnings forecast, which ends March 31, 2011, to net profit of 70 billion yen, 17% above its previous forecast of 60 billion yen. But it lowered its sales outlook slightly to 7.4 trillion yen because of the strong yen.

-- Written by Joseph Woelfel

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