Sony’s Profits May Reach Highest Point Since 1998, According to Analysts
Three months after Sony posted preliminary earnings that beat its own forecasts, analysts have become confident that the company’s profit will reach its highest point since 1998. Almost twenty years ago, Sony’s profits were boosted by the launch of the original PlayStation followed by hit software including Metal Gear Solid, according to Bloomberg’s latest report.
Preliminary operating profit for the fiscal year through March 2017 was 19 percent higher than company projections, amounting to 285 billion yen ($2.6 billion). Net income was also expected to be twice the previous forecast, totaling 73 billion yen. As a result, JP Morgan Chase & Co. improved Sony’s stock rating while analysts from Goldman Sachs Group Inc. among many others believe that the company can achieve an operating profit of 500 billion yen.
This is the second year in a row that Sony’s profits have topped $2 billion and also happens to be longest streak of it since 2001.
On April 28, the company is expected to release forecasts for the fiscal year that began this month.