Business

Sony’s earnings no longer look terrible — still expects $1.4B profit for fiscal 2012

When Sony engineers brought out the new 55-inch OLED TV, it crash and displayed a blue screen. Sony CEO Kaz Hirai said, "Excellent," in his best sarcastic voice.

It’s been a rough few years for Sony, with slow sales, natural disasters, and an inefficient business structure getting in the way of profits. But in its third quarter earnings report today, things are finally beginning to brighten up.

Sony reported an operating profit of $534 million, up from a billion dollar operating loss last year. After taxes, Sony still saw a $128 million net loss, but the company is certainly in a better position than it was a year ago. Indeed, Sony feels confident enough in its performance to stick with its 2012 full-year profit forecast of $1.4 billion.

Sales increased by 6.9 percent, mostly due to better sales in its mobile and motion picture segments. While most of Sony’s business saw reduced sales, the mobile segment grew 94.4 percent and its movie segment grew 30 percent. But for Sony to truly turn its ship around, it will need to do something about falling sales in cameras, TVs, and games. (The latter will likely be fixed with the launch of the PlayStation 4, which could hit later this year.)

Photo: Sony chief executive Kaz Hirai by Dean Takahashi


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