Sony Jumps To Highest In A Decade
Sony stock jumped to its highest in more than a decade after the Japanese giant raised its outlook for the current year, reflecting higher sales of its PlayStation 4. Sony shares rose as much as 5.4 percent in Tokyo trading.
“Sony secured a big beat on all fronts,” Atul Goyal, an analyst at Jefferies Group, wrote in a report.
“The games segment had a spectacular quarter with God of War success. We don’t think it can beat this quarter anytime soon. But, with more first party games, we expect this will remain a big driver,” Goyal said.
Net income is predicted at 500 billion yen (A$6.08 billion) on sales of 8.6 trillion yen through next March.
The prior forecast called for 480 billion yen and 8.3 trillion yen. Sony cited higher-than-anticipated game sales for the increased revenue.