Japanese electronics and media giant Sony Corp on Wednesday hiked its full-year profit outlook by a third as it taps surging demand for video games, music and movies as people feast on home entertainment amid COVID-19 lockdowns.
Sony now expects 940 billion yen ($8.95 billion) in operating profit in the 12 months through March compared with the 700 billion yen it previously expected. That prediction is well above an average 812.9 billion yen profit forecast from 18 analysts, Refinitiv data shows.
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Third quarter operating profit for the October-December quarter jumped 20% to 359.2 billion yen from a year ago, sailing past a consensus 179 billion yen estimate from six analysts surveyed by Refinitiv.
The coronavirus has curbed travel and kept people away from bars and restaurants in many