Sony posts record Q1 profit as new strategy helps lift its game

Todd Singleton
August 3, 2018

The electronics firm posted profit of JPY 195.0 billion ($1.75 billion) for April-June, up 23.7 percent from JPY 157.6 billion a year prior.

Overall the games and network arm of Sony, aka PlayStation, is the biggest earner for the company by far. In addition, Sony expects its profits to skyrocket in the coming months and to March of next year. However, Sony's gaming division is doing better than ever, with the PlayStation 4 set to surpass the PS3 in lifetime sales very soon. It previously projected that net profit would fall 2.2 percent to 480 billion yen.

Sales rose 5 per cent to 1.95 trillion yen.

In the smartphone segment, Sony reported a 27 percent fall in quarterly revenues to JPY 132.5 billion, as sales dropped in both Europe and Japan.

In gaming, profit rose nearly five times to 83.5 billion yen, as high-margin online software and Sony-made titles such as "God of War" compensated for slowing sales of PlayStation 4 consoles. The average of 24 analyst estimates is 755 billion yen. "The forecast for operating income is expected to be significantly higher than the April forecast primarily due to the impact of the above-mentioned increase in sales", the company noted.

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The Japanese hardware manufacturer and games publisher released their Q1 FY 2018 consolidated results, revealing that 3.2 million units were shipped to retailers in the past three months ending on June 30, 2018.

"In parallel with an increase in digital sales, software sales also have been moving in good shape towards the holiday season", it said.

According to the updated figures, PS4 has now shipped 82.2 million units worldwide, which is an increase from the last known figure of around 79 million.

Sony said separately it bought a 25.1 percent stake in Nile Acquisition LLC from the Estate of Michael Jackson for $287.5 million to make it a wholly owned unit.

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