The PS4 has finally overtaken the PS3 in Sony's latest financial report

Nichole VegaAug 03, 2018

Sony raised its sales forecast 3.6 per cent for the fiscal year ending March 31 to 8.6 trillion yen, largely on an upward revision to PlayStation 4 software and hardware sales.

For the April-to-June quarter, it reported a net profit of ¥226.4 billion, up from ¥80.9 billion a year earlier.

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.

The quarterly results are the first under new CEO Kenichiro Yoshida, who replaced Kazuo Hirai in April.

"The Yoshida team got off to a flying start", said Hideki Yasuda, an analyst at Ace Research Institute.

The company was able to do this due to excellent sales of its iconic gaming console PlayStation, as well as the stake the company bought in recently public listed company Spotify Technology SA.

"It has been a smooth power transfer", he added, and the company "is forecast to continue displaying a strong performance at quite high levels". Sony recorded a one-time gain of 53.9 billion yen from the sale and said its remaining shares have a fair value of 95.3 billion yen. Unfortunately, Sony hasn't issued an updated figure since then, but the console has likely edged towards the 80 million mark in the six months since.

In May, Sony unveiled a US$1.9 billion deal to buy industry titan EMI Music Publishing, which has the rights to songs by the likes of Queen and Pharrell Williams. During this quarter Sony sold 40 million games, and the company even managed to hold a steady PlayStation Plus subscribers numbers at 33.9 million, compared to 34.2 million at the end of March.

Worldwide sales of the PlayStation 4, released in 2013, totaled 3.2 million units in the first quarter, down from 3.3 million a year earlier. Net income also topped their prediction at ¥226.5-billion; the company raised its fiscal full-year forecast for net income by ¥20-billion to ¥500-billion.

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