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Sony spending $15 million on cyberattack investigation

Sony has revealed that it is setting aside $15 million to spend on investigating and recovering from the cyberattack that decimated its systems.

The beleaguered Japanese tech company was originally due to report its quarterly earnings today, but the aforementioned cyberattack has rendered such a thing impossible.

As such, Sony was only able to offer an estimate of its third quarter performance, as well as to assure investors that it was working to get to the bottom of the devastating virtual attack.

That will involve a $15 million (£10 million) investment in “investigation and remediation costs relating to the above-mentioned cyberattack,” according to Sony.

Elsewhere, the company actually had a pretty good quarter. It expects to have made a net profit of 89.4 billion yen (£502 million) over the recent three month period, which represents a massive 62.7 billion yen (£352 million) increase year-on-year.

Revenue is expected to have increased 6.1% to 2.56 trillion yen (£14.3 billion).

Read More: Why Sony might abandon mobile

Sony isn’t out of the woods yet, of course. This is reflected by  the fact that it’s still set to make a net loss for the financial year, though now it’s down to ‘only’ 170 billion yen (£954 million). Believe it or not, that’s a considerable improvement over the previous prediction of a 230 billion yen (£1.3 billion) loss.

One of the big reasons for Sony’s loss-making year, its mobile division, actually turned a small profit in the third quarter, thanks in part to a slimmer range of handsets. It’s worth remembering, though, that the company is in the midst of a big restructuring operation that will see several thousand jobs going from its mobile department.

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