PlayStation game sales drive sharp rise in Sony profits

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PlayStation game sales drive sharp rise in Sony profits

PlayStation 4 continues with excellent results at the commercial level.

The gaming business "has gradually changed with the addition of new revenue sources such as PlayStation Plus", Chief Financial Officer Hiroki Totoki said at a briefing, referring to subscription-based online services.

Profit jumped 24 per cent in April-June to 195 billion yen ($1.75 billion).

According to the Q1 report, "sales are expected to be significantly higher than the April forecast primarily due to higher-than-expected PlayStation 4 ("PS4") software sales including sales through the network, the impact of foreign exchange rates, as well as an expected increase in PS4 hardware unit sales".

With the previous year's one-time gain of 36.8 billion yen excluded, Sony logged even sharper first-quarter growth.

The biggest highlight of the financial results of the company for the first quarter of the year seems to be the usual suspect, which is the PlayStation division. Sony's Spider-Man game arrives in a little over a month, and then there's Assassin's Creed: Odyssey, Battlefield V and Red Dead Redemption 2 all due for release in October.

Sony's semiconductor division - the beneficiary a year ago of a unit sale and insurance payouts - saw profit nearly half to 29.1 billion yen.

It kept its profit forecast for the year ending March at JPY 670 billion, down 8.8 percent on year, citing various potential risks including competition in smartphones. The division includes sensors, which Sony expects to grow in the mid-to-long term as applications expand to vehicles, factory automation, surveillance and depth sensing.

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

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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