Sony raises forecast as sales hold up amid COVID damage
ABC News
Sony has reported its profit fell 54% in the last quarter, mainly due to a one-time tax-related gain that inflated last year’s number
TOKYO -- Sony reported Thursday that its profit fell 54% in the last quarter, mainly due to a one-time tax-related gain that inflated last year’s number.
The Japanese electronics and entertainment company managed to maintain results despite the coronavirus pandemic, reporting a 13% rise in quarterly sales.
Tokyo-based Sony Corp.’s July-September profit totaled 213.1 billion yen ($2.4 billion), down from 458.6 billion yen the previous year. Quarterly sales climbed to 2.37 trillion yen ($21 billion).
Sony raised its profit forecast for the fiscal year through March 2022, to 730 billion yen ($6.4 billion), from an earlier 700 billion yen ($6.2 billion).