Sony Earns $375 Million, Beats Expectations

Sony, Japan’s largest electronics exporter reported better than expected profits for their second quarter of 2010.
Sony Earns $375 Million, Beats Expectations
The Sony headquarters of Japanese electronics company Sony in Tokyo. Sony reported better than expected profits for their second quarter of 2010, which ended Sept. 30. (Toshifumi Kitamura/Getty Images)
10/29/2010
Updated:
10/1/2015
<a><img src="https://www.theepochtimes.com/assets/uploads/2015/09/99163937.jpg" alt="The Sony headquarters of Japanese electronics company Sony in Tokyo. Sony reported better than expected profits for their second quarter of 2010, which ended Sept. 30.   (Toshifumi Kitamura/Getty Images)" title="The Sony headquarters of Japanese electronics company Sony in Tokyo. Sony reported better than expected profits for their second quarter of 2010, which ended Sept. 30.   (Toshifumi Kitamura/Getty Images)" width="320" class="size-medium wp-image-1812875"/></a>
The Sony headquarters of Japanese electronics company Sony in Tokyo. Sony reported better than expected profits for their second quarter of 2010, which ended Sept. 30.   (Toshifumi Kitamura/Getty Images)
Sony, Japan’s largest electronics exporter reported better than expected profits for their second quarter of 2010, which ended Sept. 30.

Sony posted losses of ¥26.3 million for the same period of 2009.

The electronics giant posted a profit of $375 million, (¥31.1 billion) on sales of $20.88 billion, (¥1.73 billion). Sales were up 4.3 percent over 2009. The increase would have been 13 percent if calculated based on the yen’s 2009 value.

Sony’s financial results statement noted that the firm posted significant improvements over last year despite unfavorable exchange rates. During the July-September quarter, the yen rose seven percent against the dollar, reaching 15-year highs against the dollar in the past few weeks, the New York Times reported.

The main gains came from the Networked Products and Services division, which produces personal computers and gaming consoles. Sales in the Consumer Products division, including TVs, video and digital cameras, rose slightly.

The TV industry “is heading towards harsh competition in terms of marketing and prices,” Chief Financial Officer Masaru Kato said at a company presentation in Tokyo, Bloomberg reported. “It’s looking difficult to bring the TV operations profitable this fiscal year.”

Sony adjusted its profit projections upwards by 17 percent for the rest of the year, despite the expected difficult business environment. Holiday sales of both computers and gaming platforms should offset expected losses in the Consumer Products segment.