Sony Corp yesterday revised upward its full-year profit and sales forecast, reporting that first-quarter profits almost tripled from a year earlier as it extends a roaring recovery under its new chief executive officer.
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. Analysts expect the September launch of "Marvel's Spider-Man" to further lift gaming profit.
The quarterly results are the first under new CEO Kenichiro Yoshida, who replaced Kazuo Hirai in April. No longer aiming for exotic and most important, expensive hardware, the PS4 was notably built around well-known PC architecture, making the lives of game developers easier while saving precious funding for Research & Development.
When the music streaming company went public, Sony sold about a fifth of its stake in Spotify, leading to a one-time gain of ¥53.9 billion (~$481.79 million).
Annual sales are now projected to rise slightly, with operating profit unchanged.
Another thing that Sony has done differently is sell digital copies of its games via the PlayStation Network, which have, in fact beaten profit margins from brick-and-mortar stores.
PS4 software sales have proven to be a boon this quarter, with first-party titles like God of War, and some third-party titles "significantly exceeding expectations". The only smudge on the balance sheet is PlayStation Plus, which lost 300,000 subscribers in the past quarter, down to 33.9 million subscribers. That boosted royalties received by Sony, sending operating profit up 28% from a year ago to ¥32.1-billion.
After releasing Zero Escape - Zero Time Dilemma and Heavy Rain as some of the gifts for their loyal subscribers last month, the next set of games to be released for free under the Instant Game Collection for PlayStation Plus for August 2018 have now been announced by Sony.
Japanese consumer electronics maker Sony Corp.
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