Shares of the electronics giant hit a five-year high on a soaring profit forecast thanks in part to shrinking PlayStation 3 lossesSony (SNE) shares touched a five-year peak on Thursday, a day after the company forecast profits would surge sixfold this fiscal year. The gains suggested that investors had shrugged off bad news that the company's video game unit failed to reach its sales target of 6 million units for its brand-new PlayStation 3 console.
The Japanese electronics and entertainment colossus had reported less-than-stellar fiscal-year 2007 earnings due to big losses in its games business and a weak-performing electronics arm following a massive global recall of laptop batteries. In the year through March, Sony said operating income fell 68.3% to $598 million despite a 10.5% gain in revenues to $69 billion.
TVs Anything but Flat
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