On Tuesday, Japan’s Sony Corporation (NYSE:$SNE) boosted its full-year operating income forecast, expecting to reach its highest-ever profit due to strong sales of image sensors that are used in smartphones and a variety of other devices.
The electronics company expects a profit of 630 billion yen, or $5.57 billion, for the year ending March, which is a significant increase from 500 billion yen estimated three months ago. If Sony were to meet the new forecast, the company would surpass its previous record of 526 billion yen set in the year ended March 1998.
Sony Corporation’s new outlook compares with a Thomson Reuters estimate of 585.81 billion yen drawn from the views of roughly 26 analysts.
Additionally, the company disclosed that profit for July-September increased to 204.2 billion yen from 45.7 billion yen in 2016. Further, the semiconductor division, which includes the image sensors, is expected to post profit of 150 billion yen, which is up 20 billion yen from an earlier estimate.
One of Sony’s goals is to grow future profit pillars, therefore the company has been increasing investment in artificial intelligence in order to catch up with the US tech behemoths such as Amazon (NASDAQ:$AMZN) and Google (NASDAQ:$GOOGL).
Featured Image: depositphotos/kobbydagan
