Sony Q3 Profit Down 83.7%; Lowers FY Profit Outlook - Quick Facts

(RTTNews) - Japanese consumer electronics maker Sony Corp. (SON.L, SNE) reported that its third-quarter net income attributable to stockholders plunged 83.7 percent to 19.6 billion Japanese yen or $169 million from last year's 120.1 billion yen.

Earnings per share were 15.24 yen or $0.13, also down 83.7 percent from 93.33 yen a year ago.

Operating income decreased 54.3 percent year-on-year to 92.4 billion yen or $796 million from 202.1 billion yen last year, primarily due to the $962 million, or 112.1 billion yen, impairment charge of goodwill recorded in the Pictures segment.

Sales and operating revenue for the quarter declined 7.1 percent to 2.40 trillion yen or $20.67 billion from the prior year's 2.58 trillion yen, mainly due to the impact of foreign exchange rates.

Looking ahead to the fiscal year ending March 31, 2017, Sony revised the outlook it provided in November 2016.

The company now expects full-year attributable net income of 26 billion yen and operating income of 240 billion yen respectively, down from the prior forecast for attributable net income of 60 billion yen and operating income of 270 billion yen.

However, the company raised its full-year outlook for sales and operating revenue to 7.6 trillion yen from the earlier outlook of 7.4 trillion yen.