Investor Alert

New York Markets After Hours

Oct. 28, 2020, 3:02 a.m. EDT

Sony's net profit more than doubles

By Kosaku Narioka

Sony Corp.'s second-quarter net profit more than doubled from a year earlier thanks to greater earnings from its game business and a drop in tax expenses.

The Japanese electronics and entertainment company said Wednesday that net profit for the quarter ended Sept. 30 rose to 459.63 billion yen ($4.40 billion) from Y187.89 billion a year earlier. That beat the estimate of Y133.41 billion from a FactSet poll of analysts.

Second-quarter revenue edged 0.4% lower from a year earlier to Y2.113 trillion.

Operating profit at its imaging and sensing business fell 35% to Y49.84 billion but rose 61% to Y104.93 billion at its game business.

Sony raised its revenue and net-profit forecasts for the full year ending March 2021. It now expects revenue will increase 2.9% to Y8.500 trillion versus its previous forecast of a 0.5% rise and anticipates that net profit will rise 37% to Y800.00 billion compared with the 12% drop it anticipated previously.

Write to Kosaku Narioka at

Link to MarketWatch's Slice.