Sony Corp, Japan’s largest exporter of consumer electronics, forecast earnings below analysts’ estimates after the nation’s record earthquake crippled factories and hackers invaded its online entertainment services.
Operating income in the 12 months ending March 2012 will be similar to the 200 billion yen ($2.5 billion) last fiscal, the Tokyo-based company said in a preliminary earnings statement today. The forecast missed the 254.7 billion yen average of nine analyst estimates compiled by Bloomberg. Sony forecast net income will turn positive after a 360 billion yen tax charge led to the biggest annual loss in 16 years.
The maker of Bravia televisions is struggling to improve earnings even after restarting plants that were disrupted by Japan’s 9-magnitude temblor and ensuing power shortages. The company is trying to fully resume its PlayStation Network and Qriocity online services after an attack by hackers compromised personal information from more than 100 million user accounts.
“This may be a conservative forecast, but the operating profit level still looks much lower than expected even if you take the earthquake impact into account,” said Kazuharu Miura, a senior analyst at SMBC Nikko Securities Inc. “Sony continues to face a harsh business environment.”
Sony fell 0.5 per cent to close at 2,211 yen in Tokyo trading today before the announcement.