Sony profit tops estimates on PlayStation, Spotify

Sony reported a net profit of 226.4 billion yen for the April June quarter up from 80.9 billion yen from a year earlier

Sony reported a net profit of 226.4 billion yen for the April June quarter up from 80.9 billion yen from a year earlier More

Revenue rose 5.1% to ¥1.95-trillion, topping the forecast for ¥1.87-trillion. Operating profit almost halved to JPY 29.1 billion, due to one-time insurance and divestment gains a year ago, but is expected to grow to JPY 120 billion over the full year to March 2019.

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

Operating profit was ¥195-billion (US$1.75-billion) in the June quarter, the Tokyo-based company said Tuesday, compared to analysts' average projections for ¥145.4-billion. Annual results are now expected to reach JPY 2.135 trillion in sales and JPY 250 billion in profit.

This is stark contrast to April this year, when the company's Chief Executive Officer Kenichiro Yoshida gave a rather pessimistic forecast for the full year, which sent Sony's shares plunging.

The upward revisions confirm a smooth transfer of the reins at Sony following its return to health after huge losses in recent years.

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Hirai spent the past six years digging the company out of deep financial trouble, leading aggressive restructuring and scrapping thousands of jobs while selling business units and assets. The last known figure of the PlayStation 3 console was around 80 million units in total, so it's safe to say that the PS4 has outsold the PS3 in a little less than five years since its launch.

In May Sony unveiled a $1.9-billion deal to buy industry titan EMI Music Publishing.

According to the report, once again it was the PlayStation gaming console that got in most of the sales, with revenues going up more than 36% for the quarter.

In those same months, PS4 games sold at just over 40 million units and the number of PlayStation Plus subscribers is still steady at 33.9 million (down from 34.2 million at the end of March). From its release to date the console has sold in its millions - 75 million to be more precise. 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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