Sony expects $1.23 billion annual operating profit after sale of shares in subsidiary

Sony expects a $1.23 billion operating profit for the fiscal year ending March 31, 2013 after selling six percent of its shares in M3 Inc., according to a report from Sony dated today (PDF link).

The document explains that the sale is part of Sony's "initiative to transform its business portfolio and reorganize its assets." Sony will remain a major shareholder in M3, which specializes in "medical-related services through the use of the Internet," including web portals that provide information for doctors, pharmacists and medical professionals worldwide.

Earlier this month, Sony disclosed a third quarter loss of $115 million, owing to a significant decrease in hardware and software sales. Game hardware sales decreased 15.1 percent from the previous year's third quarter. In January, Sony Corporation of America announced plans to sell its headquarters, a 37-story building in New York City that was expected to garner profits of $770 million and soften its projected fiscal year loss.

Sony is widely expected to reveal the next generation of the PlayStation console tonight at an event in New York City. Polygon will be in the audience, bringing you all the news. Our coverage will kick off with a pre-event chat, continue with a liveblog and stream of the event and wrap up with a post-meeting video show.

Read These Next

Latest Discussions

X
Log In Sign Up

forgot?
Log In Sign Up

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.

tracking_pixel_5353_tracker