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Sony reports strong Q3 earnings but cuts PS3 estimates

Sony reports strong Q3 earnings but cuts PS3 estimates

Sony reported record sales and net profit for the last three months of the fiscal year.

Sony reported record sales and net profit for the last three months of the fiscal year on the back of strong sales in its core electronics division, it said Thursday.

Net profit for the period jumped 25 percent to ¥200.2 billion (US$1.9 billion) and sales rose 9.6 percent to ¥2,859 billion.

Behind the better results were healthy sales of some of Sony's best-known products including Bravia LCD (liquid crystal display) TVs, Vaio personal computers and Cybershot digital still cameras. Weak spots included projection TVs and cell phones. The entire electronics division achieved a 10.2 percent jump in sales to just over ¥2 billion but profits fell 8 percent.

In the gaming division sales rose 31 percent and business unit returned to profitability but the year isn't progressing quite as Sony had expected. Sales of the PlayStation 3 hit an all-time high of 4.9 million units in the quarter but they remain behind plan, and Sony reduced its full-year sales estimate from 11 million units to 9.5 million units.

Sales of the PlayStation Portable also hit a record of 5.8 million units and Sony raised its full-year target from 10 million units to 13 million units. The previous-generation PlayStation 2 also had a good quarter thanks to its low price and Sony now expects to sell 13 million of the consoles in the year to March, up 1 million units from its last estimate.

Sony Q3 Earnings Table

October to December 2007 October to December 2006 Percentage change

Sales and operating revenue ¥2,859 billion ¥2,608 billion up 9.6 percent

Operating income ¥189.4 billion ¥178.9 billion up 5.8 percent

Net income ¥200.2 billion ¥159.9 billion up 25.2 percent

Source: Sony Corp.


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