Sony Advances After Posting Unexpected Profit on PlayStation Games

Sony Corp. advanced the biggest in three weeks after its invigorated games division pushed the Japanese company to beat quarterly results forecast, justifying CEO Kazuo Hirai's shifted emphasis on media and entertainment.

Sony shares gained as much as 3.5% to 3, 397 yen, the biggest recorded jump on an intraday basis since July 11, bringing its gains for the year to a total of 13%.

The company reported a net income of 21.2 billion yen or $205 million in the second quarter, against the expectations of analysts of a 39-billion yen loss. Sony retained its projection of 80 billion yen annual profit.

It was the robust growth of the company's game division that boosted the firm's net income. Its impressive performance has helped investors look beyond the effect of the Kumamoto earthquakes that has closed down the main manufacturing site for components of its digital cameras. Sony also report an unexpected profits in its phone division, reflecting the company's efforts to cut down its mid-range line-up and its withdrawal from unprofitable markets.

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