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Sony is predicting higher growth than their target for the rest of the year despite posting a surprising $45 million loss in January through March. The company’s performance was an improvement from a $1.08 billion loss from last year but still short of an average profit estimate of $260 million from five analysts. Sony’s shares at the New York Stock Exchange rose to $49.48, a 7.4% growth after the results were announced.
The electronics giant experienced strong sales of VAIO PCs, Cyber-shot digital cameras, and Handycam video cameras and sees its videogame and TV operations as their profit generators for the year. The company was also able to narrow PlayStation 3 losses by cutting production costs and expanding sales.
Sony Chief Executive Howard Stringer’s efforts to turnaround the company has been more aggressive over the past three years. The company has already streamlined its manpower requirements and even shed non-core assets. The company plans to disclose its new business strategy in June.
Read [Reuters]
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