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Sony revises earnings forecast

The company raises its fiscal year-end estimates for revenue and profits.

Electronics and media conglomerate Sony on Tuesday raised its fiscal year-end estimates for revenue and profits, citing foreign exchange gains, lower-than-expected tax expenses in the United States, and better-than-expected profits from its affiliate companies. The Tokyo-based company said revenue will come in around $69.2 billion for the year ended March 31. Profits will be around $811.7 million. The company previously estimated revenue of around $68.3 billion and profits of about $507.3 million. However, operating profits were revised down from about $922.3 million to $913.1 million. Those profits were affected by accelerated restructuring activities likely associated with layoffs.

Sony will announce its earnings on April 27.