Sony Swings Back To Black With First Annual Profit In Five Years
Sony Shares Rise On Report That It Will Consider Entertainment Stock Offering
The fiscal year ended March 31 marks Sony‘s first full fiscal year in the black since 2008. The company reported earnings today in Tokyo saying it had a net profit of $458M compared to a $4.6B loss the year prior. Sales were up 4.7% and overall were boosted by a drop in the yen and the success of the film division. Sony Pictures Entertainment saw profit jump 40.1% to $509M helped by The Amazing Spider-Man and Skyfall. Sony has sold off assets in the past year as it streamlines, but it still faces stiff competition from the likes of Apple and Samsung. However, the company is forecasting profits will rise by 16.1% for the next fiscal year with sales in the camera, game, home entertainment, music and film divisions expected to increase significantly.