Sony in rude health as record profit beats estimates

Judy Cobb
August 3, 2018

That being said, there is a slight dip in sales from the same period in the previous year, where Sony actually sold 100,000 units more than this year. In addition, Sony expects its profits to skyrocket in the coming months and to March of next year.

Annual sales are now projected to rise slightly, with operating profit unchanged.

That means the system might soon outsell the PlayStation 3, which racked up 83 million sales in over a decade on shelves.

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.

Sony just had a change of CEO just a few months back, when Kaz Hirai left and Kenichiro Yoshida took over.

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.

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A little under five years ago gaming giant SONY (TYO:6758) (NYSE:SNE) released its blockbuster console the Sony PS4. It previously projected that net profit would fall 2.2 percent to 480 billion yen.

It kept its profit forecast for the year ending March at 670 billion yen, down 8.8 per cent on year, citing various potential risks including competition in smartphones.

"For Nintendo Switch, hardware sales in every region have been trending upwards since the video game expo, E3, was held in the USA in June", the company said in a statement.

Increasing smartphone competition means Sony "may need to cut the smartphone business outlook further or revise the current midterm business plan", Totoki said.

Sony has revealed that the PS4 shipped another 3.2 million consoles during Q1 of their fiscal year, bringing its grand total to a whopping 82.2 million units.

While the most recent sales period saw a decline in console sales on past year, the black box still managed to shift 3.2 million units to retailers, overtaking the PS3, of which numbered records stopped, around the 80 million mark, in 2013.

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