Tokyo - Japanese consumer electronics firm Sony on Wednesday raised its earnings estimates for the second time in three months, citing higher-than-expected sales of camera sensors and videogames.
Sony said it probably made an operating profit of 68 billion yen ($569 million) in the year ended March 31, compared with 26.5 billion yen a year earlier. That compares with its previous estimated operating profit of 20 billion yen.
The Tokyo-based firm is finally reaping the benefit of long-haul restructuring efforts after weak TV and smartphone sales brought years of heavy losses. After massive cost cuts, it has sought targeted expansion under Chief Executive Kazuo Hirai in lucrative areas such as sensors for smartphone cameras.
Sony is set to make its official earnings statement for the year on April 30. Before Wednesday's move, following an upward revision in February, the average forecast among 19 analysts for operating profit was 50.3 billion yen.
As part of its restructuring, Sony has spun off its TV business, and also plans split off its audio and video business as part of a new strategy to encourage greater autonomy of its subsidiaries. The company had struggled to gain market share in high-end smartphones, lagging far behind leaders Apple and Samsung Electronics.