Sony Doubles Annual Profit Forecast
Peter Donnell / 4 years ago
Sony have raised the bar and set their new goal for the year, effectively doubling their annual net profit forecast to a whopping $403 million. While most of this is due to a weaker Yen, which has lost nearly a fifth of its value against the dollar since November last year, many of the improvements of Sony’s new forecast is thanks to some quick thinking from the Sony management who recently sold off some major Sony assets, combined with some tough business decisions.
Sony has had a hard time of things this last few years, of course Sony aren’t the only major company to have hit upon hard time as the current financial climate has had a global effect on many industries and their profit margins, either way its good to see things are finally starting to turn around for Sony, especially given that they have a critically important hardware launch on the horizon with PlayStation 4.
Sony has already cut employment rates within the company, they sold off their offices (which they now lease back) in both Manhattan and Tokyo and I doubt they’re done trimming the fat just yet as the company looks to build up a cash stock pile once again.
With a launch budget of $100 million or the PlayStation 4 this holiday season, we can expect to see Sony out in full force, but even with an improved forecast and a promising hardware launch, its still uncertain what the future truely will be for Sony.