Sony's Cost-cutting Boosts Profits
Sony posted a first-quarter profit thanks to a weaker yen and cost cutting, but continued falling sales in its electronics division and the failure of Sony Pictures' After Earth remained worrisome factors for investors. The company said that it swung to a higher-than-expected profit of $367 million, up from $63 million during the same quarter a year ago. Despite the poor performance of After Earth, the company was still able to report a profit in its film division, thanks to the sale of its music publishing catalog. The latest revenue filing comes days after activist investor Daniel Loeb reiterated his demand that Sony sell off at least a part of its entertainment business and use the funds derived from the sale to boost its electronics business.