Sony Bounces Back, Increasing Quarterly Profits Surprise Analysts
Technology giant Sony (father company of Sony Computer Entertainment and countless others) has been making news lately with increased profits due in part to high demand for their PlayStation 3 computer entertainment system and Bravia flat-screen LCD television lineup (despite the overall decline of the global economy and television market) as well as the new strategies implemented by Chief Exec. Howard Stringer who is doing all he can to cut the costs and losses nervously observed by the world in recent times. Sony share trades in the USA made the 7.8 % jump to $31.87 while rivals Sharp took a growth of only 2.8% and Panasonic dropped somewhere around 1% in the New York Stock Exchange while Panasonic has also experienced a 7.7% drop in Japanese shares trading.
The April-to-June profit made by Sony is being measured at 67 billion Yen ($766 Million) right now and this is beating out competitors like LG Electronics who have let the world know they had a 90% fall in quarterly profit due to the slipping economy of TVs and Handsets.
Howard Stringer has stated that Sony will be in the prime position to satisfy the growing consumer demand for 3D entertainment including the “treasure trove” of film and gaming which has been piling up at major studios like Sony Pictures as well as other mammoth content partners currently still pushing HD as the mainstream format during this transitional period.