PS4 Expected To Have Outsold Lifetime Sales Of PS3 Within Months
PS4 Expected To Have Outsold Lifetime Sales Of PS3 Within Months
The logo of Japan’s Sony Corp is displayed in front of the company’s headquarters in Tokyo yesterday. – AFP
03 August, 2018, 18:48
For the April-June quarter, it reported a net profit of 226.4 billion yen, up from 80.9 billion yen a year earlier.
"Our fundamental challenge is that competitiveness of our products may not be able to meet top-class levels", said Sony CFO Hiroki Totoki, referring to its smartphone lineup. The company generated an operating profit of ¥195 billion (~$1.7 billion), which was much higher than the projections of ¥145.5 billion (~$1.3 billion).
The figures are Sony's first quarterly results under new CEO Kenichiro Yoshida, who replaced Kazuo Hirai in April.
Sales of PlayStation 4 products were "better than expected" as a result of popular gaming titles, Yasuo Imanaka, an analyst at Rakuten Securities, said before the results were announced. The net profit forecast increases to JPY 500 billion from JPY 491 billion a year ago and JPY 480 billion in the earlier outlook.
Additionally, as music streaming continued to grow with Spotify announcing that its monthly active user base had expanded to 180 million, which topped all market estimates.
To keep the console even further afloat in 2018, it has highly anticipated games coming out that should boost Sony's gaming arm even more. The camera segment of the company also flushed in cash and made $234 million in profit.
Under that strategy, the gaming business saw profit increase to 83.5 billion yen in the three months ended June from 17.7 billion yen a year earlier, as high-margin online software and new first-party titles such as "God of War" and "Detroit: Become Human" compensated for slowing sales of PlayStation 4 consoles. In fact, the company has sold just 2 million handsets in this quarter compared to the 3.4 million units it shipped past year in the same quarter. The company also had a few surprises to share in the quarter at the Electronic Entertainment Expo (E3). That being said, Sony seems to be optimistic about the next year.
For the fiscal year ending March 31, 2019, the company now expects Sales and operating revenues to be 8.60 trillion yen, compared to the prior outlook of 8.30 trillion yen.
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