Sony Doubles Annual Earnings Projections Due To Weaker Yen
Good news for Sony and all you stockholders out there.
According to a BBC report, the electronics giant has doubled its projected earnings for the recent fiscal year ending March 2013, resulting in a doubled net profit forecast of 40 billion yen (about $403 million).
Sony cites the weakening of the Japanese yen as a major factor in the upswing, simply because this increases the company's earnings when its revenue in other currencies is converted. Since December 2012, the yen has lost about 15% of its value when compared against the US dollar. Sony also cites some asset sales as reasons for the increased prediction; there was no mention of excitement generated by the recently unveiled PlayStation 4. And of course, that's just because nobody knows if the PS4 will be a financial boon for Sony...or a drain, at least at the start.
Anyway, perhaps the future is a little brighter.
4/25/2013 11:36:39 AM Ben Dutka