Sony on track to set new annual profit record

ANI | Updated: Nov 05, 2017 13:49 IST

London [UK], Nov 5 (ANI): Japan's tech giant, Sony is all set to become profitable again under CEO Kaz Hirai.

The company which reported its biggest loss ever in 2012, of more than £3bn, aims to set a new high this year.

According to The Guardian, the company is on track to record a new annual profit and is expecting to beat its previous corporate best of £3.5bn by 20 percent.

Investments in PlayStation, TV Production and the company's partnership with tech rival Apple are the main reasons behind its recovery.

Sony also stated that its film unit is one of the company's strongest performers and the driving point behind the expected profit margins.

Business is looking up for Sony Pictures in 2017, which is most likely set for its best year at the box office since 2014, owing to popular films such as Spider-Man: Homecoming, Baby Driver, and Blade Runner 2049.

Moreover, Sony Music, whose artists include Beyonce, Shakira and AC/DC, has also benefited from the rise of digital services such as Spotify and Apple Music. (ANI)