Sony turns it around with $35 million in Q2 income

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Sony turns it around with $35 million in Q2 income

Sony, considering Daniel Loeb’s push for a partial sale of its entertainment assets, posted first-quarter earnings that beat estimates after cutting costs, introducing new smartphones and benefiting from a weaker yen.

Net income totaled 3.48 billion yen ($35 million) in the three months ended June 30, compared with a loss of 24.6 billion yen a year earlier, the Tokyo-based company said yesterday.

Sony raised its full-year revenue forecast 5.3 percent on the weaker yen while cutting expected sales of televisions and digital cameras as it considers Loeb’s plan for an initial public offering of the entertainment units. Chief Executive Officer Kazuo Hirai is preparing to release the PlayStation 4 this year to drive game earnings as it loses ground to Samsung Electronics and Apple.

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