ibusinesslines.com October 22, 2018

Why gaming is a serious business for Sony

03 August 2018, 05:05 | Jodi Jackson

Why gaming is a serious business for Sony

Why gaming is a serious business for Sony

Sales figures as astronomical as 75 million in almost 5 years earns the PS4 the title of most popular gaming console in the world...ever!

Sony today shared a new financial report of the first quarter of the current fiscal year, so we know that PS4 has a new record in sales.

The company reported profits of 226.4 billion yen ($2.0 billion) for the April to June quarter, up from 80.9 billion yen in the same period past year and 21.2 billion yen in 2016.

Sony yesterday revised upward its full-year profit and sales forecast, reporting first quarter profits almost tripled from a year earlier, as it extends a roaring recovery under its new CEO. Annual results are now expected to reach JPY 2.135 trillion in sales and JPY 250 billion in profit.

The strong quarter should come as a relief to investors, who were caught flatfooted in April when new CEO Kenichiro Yoshida unveiled a dour full-year forecast, sending shares tumbling. "It has been a smooth power transfer", after Sony's recovery and the company "is forecast to continue displaying a strong performance at quite high levels". 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).

Quite surprisingly, 20 million of those sales occurred in the company's last financial year, firmly reminding other competitors (such as Nintendo (OTC:NTDOY)) that Sony is still king of the gaming world.

This morning, Sony announced the newest games PlayStation Plus subscribers will get to download for free the month of August.

Despite being the third game in the Mafia series, it's not necessary for you to have played the first two games because it features a different protagonist and story.

Sony's semiconductor division - the beneficiary previous year of a unit sale and insurance payouts - saw profit nearly half to 29.1 billion yen. Previously, the company had forecast that net income would be ¥480 billion (~$4.2 billion) on sales of ¥8.3 trillion (~$74.14 billion).

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