Sony Corp is aiming to see operating profit soar to more than 500 billion yen (4.2 billion dollars) in fiscal 2017 with renewed focus on image sensors, PlayStation and entertainment businesses, the company said Wednesday.
The company had predicted an operating profit of 20 billion yen in the current year to March.
Sony’s main growth drivers over the next three years are image sensors for mobile phones, the PlayStation video game network and movies and music, the company said in a statement.
The Japanese consumer electronics maker also said it would spin off an audio and video business unit in October to reduce costs.
Last year, Sony split out its TV business and decided to sell its computer operations to Japan Industrial Partners Inc, a Tokyo-based investment fund.
In its smartphone sector, Sony has been facing fierce competition from Chinese rivals at the cheaper end of the market, and has been left far behind rivals Apple and Samsung at the top end.
Sony said it “will place the highest priority on curtailing risk and securing profits in its operations” of TV and smartphones businesses.
In early February, the company said it would slash another 1,000 jobs overseas in its smartphone sector, bringing cuts in that department to about 30 per cent, or 5,000 people, by March 2016.