PlayStation emerges as the biggest money churner for Sony in Q1 2018

Sony PS4 Play Station 4 1

In the latest quarter, Sony has sold roughly 3.2 million PlayStation 4 consoles, which brings up its previous total of 79 million to 82.2 million units.

For the year to March, Nintendo maintained optimistic annual targets, forecasting net profit of ¥165 billion and operating profit of ¥225 billion on sales of ¥1.2 trillion. The stock has recovered since then as strong sales of a new God of War game and growth in music streaming reassured shareholders the new boss can probably beat his projections.

"Our fundamental challenge is that competitiveness of our products may not be able to meet top-class levels", said Sony CFO Hiroki Totoki, referring to its smartphone lineup. While the numbers might not sound that impressive compared with other companies like Samsung or Apple, Sony recorded $17.9 in revenue and $1.8 billion of profit in the recent quarter that ended in June.

Sony lifted its annual profit outlook for semiconductors by 20 percent to 120 billion yen, and for gaming by 32 percent to 250 billion yen. Sony recorded a one-time gain of 53.9 billion yen from the sale and said its remaining shares have a fair value of 95.3 billion yen. Operating profit rose from a year earlier to ¥83.5-billion. The company also had a few surprises to share in the quarter at the Electronic Entertainment Expo (E3).

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It said sales were up 9.1 percent to ¥168.16 billion, and it was expecting strong demand for the Switch console to continue into the second half of the year.

Additionally, as music streaming continued to grow with Spotify announcing that its monthly active user base had expanded to 180 million, which topped all market estimates. 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. This month, PS Plus subscribers can also get access to role-playing game Bound by Flame and the shooter Serious Sam 3: BFE on PS3, while PlayStation Vita owners can download the touchscreen-controlled action game Draw Slasher and the Warhammer 40,000 title Space Hulk.

Japanese consumer electronics maker Sony Corp.

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