Japanese consumer electronics and entertainment group Sony has unveiled a more upbeat forecast.
It says its net annual loss will likely be smaller than previously forecast – 170 billion yen, rather than 230 billion.
That comes with better than expected operating profit for the final three months of last year was thanks to reduced costs and strong sales of its image sensors and PlayStation video game consoles.
Sony said that showed its restructuring, including thousands of layoffs, is working.
Chief Financial Officer Kenichiro Yoshida told an earnings briefing: “We said that we will carry through structural reforms, that there would be no sacred cows. It is taking time, but I think we may be starting to see results.”
The restructuring has so far seen Sony shrink its struggling smartphone and TV divisions and exit PCs.
The company has reported net losses in five of the past six years. Its financial year finishes at the end of March.