Sony reports best-ever third quarter profit, forecasts new annual record

Sony Corp’s logo is seen at its news conference in Tokyo, Japan November 1, 2017.

The electronics firm posted an operating profit of 350.8 billion yen ($3.20 billion) for the October-December quarter, up from 92.4 billion yen a year ago. That was Sony’s highest third-quarter profit ever and far above a consensus estimate of 240.8 billion yen from 10 analysts polled by Thomson Reuters I/B/E/S.

Sony raised its profit forecast for the year ending March to 720 billion yen from 630 billion yen, its best ever in its 72-year-old history.

That compared with a consensus estimate of 680.93 billion yen from 23 analysts polled by Thomson Reuters I/B/E/S.

Earlier in the day, Sony said that CEO Kazuo Hirai would be replaced by CFO Kenichiro Yoshida, effective April 1.