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Sony Corp.’s second-quarter net profit more than doubled from the previous year thanks to higher earnings from its gaming business and lower tax expenses.
The Japanese electronics and entertainment company said Wednesday that net profit for the quarter ended September 30 rose to 459.63 billion yen ($ 4.40 billion) from 187.89 billion yen a year earlier. This beat the estimate of 133.41 billion yen from a FactSet survey of analysts.
Second quarter revenues fell 0.4% from the previous year to Y2.113 trillion.
Operating profit from its imaging and detection business fell 35% to Y49.84 billion, but increased 61% to Y104.93 billion in its games business.
Sony has increased its revenue and net profit forecasts for the full year ending March 2021. Now it expects revenue to increase 2.9% to 8,500 trillion yen from its previous forecast of a 0 increase. , 5% and expects net profit to increase 37% to 800 yen. .00 billion compared to the 12% decrease previously anticipated.
Write to Kosaku Narioka at [email protected]
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