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 The consumer electronics and entertainment group, which has reported
five net losses in the past six years, is in the midst of a
restructuring that has so far seen it shrink its struggling
smartphone and TV divisions and exit PCs.
Chief Financial Officer Kenichiro Yoshida, appointed in April 2014
to help turn the company around, said the latest earnings showed the
restructuring efforts were bearing fruit.
"We said that we will carry through structural reforms, that there
would be no sacred cows. It is taking time, but I think we may be
starting to see results," he told an earnings briefing.
Sony said on Wednesday preliminary results showed its operating
profit doubled to 178.3 billion yen ($1.52 billion) in the
October-December quarter, while sales rose 6 percent to 2.56
trillion yen. That was well ahead of the operating profit of 96.6
billion yen, on sales of 2.38 trillion yen, expected by analysts,
according to Thomson Reuters data.
It also forecast a preliminary full-year net loss of 170 billion
yen, narrower than a previous forecast for a loss of 230 billion
yen. The current financial year ends on March 31.
The third-quarter numbers were not official as Sony could not yet
compile accurate figures for its Hollywood studio following a
massive hacking of its computer systems. Sony said the incident did
not have a material impact on its finances.
Sony has struggled to gain market share in high-end smartphones,
lagging far behind Apple Inc and Samsung Electronics Co Ltd.
Some investors have urged Chief Executive Kazuo Hirai to eventually
exit such unprofitable units and intensify Sony's focus on its
successful gaming and sensor businesses. Hirai is due to announce a
new strategy on Feb. 18, the company said.
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Sony forecast its mobile division to post a full-year operating loss
of 215 billion yen, steeper than the 204 billion yen loss it had
expected in October.
Aiming to speed up a turnaround, it said it would cut 2,100 jobs in
the unit by the end of the fiscal year through March 2016, including
1,000 cuts already announced.
In contrast to the weak performance in smartphones, Sony lifted its
annual operating profit forecast for its devices operations to 100
billion yen from a previous forecast of 67 billion, largely due to
stronger demand for image.
It also raised its annual outlook for the game and network division,
forecasting an operating income of 40 billion yen from the 35
billion it expected in October.
(Reporting by Ritsuko Ando; Editing by Miral Fahmy)
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