Sony Swings to Profit, Raises Forecast

Sony, the maker of PlayStation 3, said it swung to a profit in the first quarter and raised its earnings outlook for the year.
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TOKYO (

TheStreet

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Sony

(SNE) - Get Report

, the maker of PlayStation 3, said it swung to a profit in the first quarter and raised its earnings outlook for the year.

Sony said net income was 25.7 billion yen ($294.3 million) vs. a year-earlier loss of 37.1 billion yen. Operating income in the quarter was 67 billion yen vs. a year-earlier loss of 25.7 billion yen.

Sony said revenue rose 3.8% to 1.66 trillion yen.

Sony attributed the earnings improvement to sales increases at its consumer, professional & devices and networked products & services segments.

The company raised its full-year net profit forecast to 60 billion yen, up from a previous forecast of 50 billion yen, even though it said it expects the yen to appreciate against the euro for the rest of the fiscal year. Its revenue forecast of 7.6 trillion yen was left unchanged.

-- Reported by Joseph Woelfel in New York.

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