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Sony profit tops estimates on PlayStation

03 August 2018

The Japanese electronics and entertainment giant said group net profit for the quarter to June 30 almost tripled from a year earlier to a record 226.45 billion yen ($2 billion), helped by a special profit from the sale of shares in Swedish streaming giant Spotify Technology S.A.

Sony more than doubled its net profit in the fiscal first quarter to June, helped by the sale of its shares Spotify and a strong performance in Playstation sales.

For the year to March, Nintendo maintained optimistic annual targets, forecasting net profit of ¥165 billion and operating profit of ¥225 billion on sales of ¥1.2 trillion.

PlayStation 4 is without a doubt the best console you can opt for at the moment with the likes of upcoming games like Spiderman PS4, you can't make a mistake of choosing something else.

To that end, Sony has been expanding businesses that promise stable revenue streams, such as online gaming services and music content libraries, while minimizing the impact of the volatile sales cycles of game consoles and other electronic gadgets.

Increasing smartphone competition means Sony "may need to cut the smartphone business outlook further or revise the current midterm business plan", Totoki said. That compared with the JPY 754.66 billion average of 24 analyst estimates. The PS3 shifted around 84 millions units and as Sony flogged over 3 million PlayStation 4's in the last quarter the record should be broken soon.

It also raised its sales forecast for the full year to 8.6 trillion yen, up from a previously projected 8.3 trillion yen.

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. 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.

Sony profit tops estimates on PlayStation