Sony third-quarter profit falls 20%; still beats estimates and raises outlook

Sony raises annual outlook after third-quarter profit beats estimates

FILE PHOTO: A view of the Sony booth during the 2020 CES in Las Vegas, Nevada, U.S. January 8, 2020. REUTERS/Steve Marcus/File Photo

TOKYO - Sony Corp on Tuesday reported a 20% decline in third-quarterly profit due to the absence of an accounting gain that boosted its year-earlier result, though strong sales of image sensors helped it beat estimates and raise its annual outlook. Operating profit came in at 300.1 billion yen for October-December, from 376.99 billion yen in the same period a year earlier. The result compared with the 271.07 billion yen average of nine analyst estimates compiled by Refinitiv.

Excluding the impact of one-off items including last year’s gain linked to the acquisition of music publisher EMI, profit rose 6%. The Japanese entertainment and electronics firm raised its annual profit forecast to 880 billion yen from 840 billion yen. That compared with the 878.47 billion yen consensus of 22 analysts.

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