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Sony posts first annual profit since 2008, nets $405 million

updated 06:53 am EDT, Thu May 9, 2013

Sony on the slow road to recovery, expects improved sales in 2013

Sony has returned its first profit since 2008, netting $458 million (pdf) for its 2012 financial year. Although it is a positive sign for the company, the result came on the back of lower revenue for its key divisions including cameras, gaming and home entertainment. Restructuring efforts, the sell off of corporate assets and a weaker yen all contributed to a positive outcome for the Japanese tech giant. The announcement confirms its revised estimates for the financial year posted last month.

Its problematic TV division continued see declining sales, which were down 38 percent from its 2011 result. Its PlayStation line also saw dwindling sales with reduced demand for the PS3, the PSP and the PS Vita with sales dipping 12.2 percent. On the other hand, smartphone sales were up significantly at around 18 percent, although the costs associated with buying out Ericsson's stake in their former mobile partners resulted in an overall loss for the business. PC sales were also down for the company.

Looking ahead, Sony has forecast a similar operating profit of $507 million for the 2013 financial year. It predicts that it will ship 42 million smartphones largely on the back of new high-end devices and high-end PCs. The hotly anticipated PS4 gaming console is also expected turn its gaming fortunes around, while is also expects a positive turnaround in LCD TV sales. Overall, however, Sony expects its total sales to remain relatively flat, which will result in a return on slightly higher than it achieved for 2012. [via The Verge]




By Electronista Staff
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