February 1, 2019 / 6:14 AM / 9 months ago

Sony reports best-ever quarterly profit on strong music biz

TOKYO, Feb 1 (Reuters) - Japan’s Sony Corp raked in its highest-ever quarterly profit on Friday, propelled by its music segment following the acquisition of EMI.

The numbers are a vindication of the firm’s strategy to reinvent itself as an entertainment company with stable revenue streams from gaming and music content, after battling years of losses in TVs and other consumer electronics that are more susceptible to earnings ups and downs.

Sony on Friday said its third-quarter profit increased to 376.99 billion yen ($3.46 billion) from 350.84 billion yen a year earlier.

That missed an average estimate of 383.67 billion yen from 10 analysts polled by Refinitiv.

It reiterated its annual operating profit forecast for a record 870 billion yen, exceeding the previous all-time high marked just last year. ($1 = 108.8700 yen) (Reporting by Makiko Yamazaki; Editing by Himani Sarkar and Christopher Cushing)

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