PS4 Breaks 80 Million Units Sold

Isaac Cain
August 3, 2018

The upward revisions were largely due to foreign-exchange gains, brisk sales of PlayStation 4 software and the growing value of its shares in top streaming platform Spotify Ltd.

The strong quarter should come as a relief to investors, who were caught flatfooted in April when new CEO Kenichiro Yoshida unveiled a dour full-year forecast, sending shares tumbling.

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.

"The Yoshida team got off to a flying start", said Hideki Yasuda, an analyst at Ace Research Institute.

"It has been a smooth power transfer", after Sony's recovery, and the company "is forecast to continue displaying a strong performance at quite high levels", he added.

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.

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The Kyoto-based game giant reported net profit for the three months to June of ¥30.6 billion, with operating profit soaring 88.4 percent to ¥30.5 billion.

Analysts said the game "Marvel's Spider-Man", to be launched in September on PlayStation 4, could further lift gaming profit. Net sales rose 5 percent to JPY 1.954 trillion, and adjusted operating profit improved 61 percent to JPY 195 billion.

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).

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). Specifically for its PS4 units, Sony raised its forecast of sales from 16 million to 17 million.

The company raised its annual net income attributable to stockholders guidance to 500 billion yen from the prior range of 480 billion yen, due to the expected increase in income before income taxes, partially offset by an expected increase in tax expenses.

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