Sony (SNE) Posts Striking Earnings Beat In Q2, Guides Up
Zacks Investment Research | Oct 30, 2017 10:19PM ET
Sony Corporation (NYSE:SNE) reported second-quarter fiscal 2017 earnings per share of ¥101.35 (90 cents), which surpassed the Zacks Consensus Estimate of 54 cents by a whopping 66.7%.
Also, earnings grew a colossal 2600% from the year-ago quarter figure of ¥3.76, thanks to robust revenue growth.
Inside the Headlines
Sony’s sales and operating revenues were up an impressive 22.1% year over year to ¥2,062.5 billion ($18.3 billion). Solid growth in the Game and Network Services segment and positive effect of foreign currency translation spurred top-line growth. Sony witnessed spectacular performance across its segments.
Additionally, operating income came in at ¥204.2 million ($1,807 million), up a whopping 346.4% from the year-ago quarter. Robust improvement in the operating results of the Semiconductors and G&NS segments proved conducive to operating income. Further, the results of the year-ago quarter were adversely affected by inventory write-downs, charges due to the Kumamoto earthquake and also impairment charges related to the transfer of the battery business, which contributed to the favorable year-over-year comparison.
Sony Corp (T:6758) Ord Price, Consensus and EPS Surprise
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