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Sony Corp. Q2 Net Income Rises; Revises Guidance - Quick Facts

Sony Corp. (SON.L,SNE) reported second quarter net income to shareholders of 459.6 billion yen compared to 187.9 billion yen, previous year. Earnings per share was 367.82 yen compared to 148.59 yen. Income before income taxes was 299.6 billion yen compared to 262.1 billion yen.

Second quarter sales and operating revenue declined year-on-year to 2.11 trillion yen from 2.12 trillion yen. Net sales were 1.723 trillion yen compared to 1.725 trillion yen.

For the fiscal year ending March 31, 2021, Sony Corp. now projects: sales and operating revenue of 8.5 trillion yen; and net income to shareholders of 800 billion yen.

The company said its consolidated sales and operating revenue for the fiscal year are expected to be higher than the August forecast due to higher-than-expected sales in the Game & Network Services, Music and Financial Services segments. Net income is anticipated to be higher than the August forecast due to the expected increase in income before income taxes, as well as the reversal of valuation allowances recorded against a significant portion of the deferred tax assets of Sony Corporation and its national tax filing group in Japan, resulting in a tax benefit in the quarter ended September 30, 2020.

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