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Sony Q3 Profit Higher Than Estimated

The company credited cost cuts and strong sales of sensors and video games.

Reuters / Yuriko Nakao

Japanese consumer electronics maker Sony said on Tuesday its official third-quarter operating profit was 182 billion yen ($1.5 billion), up 2.2 percent from the estimate it reported last month, boosted by cost cuts and strong sales of sensors and video games.

The earlier estimate wasn’t final, as Sony had not yet compiled accurate data for its Hollywood movie studio after a massive hack into its computer systems. On Feb. 4 Sony said third-quarter operating profit was about 178 billion yen, nearly double the year-earlier period.

On Tuesday, Sony said that including official results for the movie studio, quarterly revenue rose 6.5 percent from a year earlier to 2.567 trillion yen, instead of the 2.558 trillion it estimated earlier.

Forecasts for the full year ending March 31 were unchanged.

Sony has struggled to gain market share in high-end smartphones, lagging far behind Apple and Samsung.

But its shares have risen more than 30 percent so far this year on hopes of a turnaround, following a program of massive cuts in unprofitable segments and targeted expansion in lucrative areas such as sensors for smartphone cameras.

($1 = 121.3800 yen)

(Reporting by Ritsuko Ando; Editing by Kenneth Maxwell)

This article originally appeared on Recode.net.