PlayStation 4 Reaches 82.2 Million In Global Sales, Surpassing PS3's Lifetime Sales

Kenichiro YoshidaSony's CEO unveils company's mid-term strategy for 2018-2020 Tokyo Japan- 22 May 2018 Kenichiro Yoshida, President and Chief Executive Officer of Sony Corp. attends an announcement event at its headquarters in Tokyo

Sony yesterday revised upward its full-year profit and sales forecast, reporting first quarter profits almost tripled from a year earlier, as it extends a roaring recovery under its new CEO.

Sony stated that these results were due to higher than expected sales of its games.

The figures are Sony's first quarterly results under new chief executive officer Kenichiro Yoshida, who replaced Kazuo Hirai in April.

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




"If you look past one-time items and just focus on their core business, it is still growing profits", Masahiro Wakasugi, an analyst at Bloomberg Intelligence, said prior to the release. That being said, Sony seems to be optimistic about the next year.

In April, the company sold about a fifth of its 5.7 percent stake in Spotify when the music streaming giant went public. Rather than doubling-down on engagement strategies like Microsoft, Sony is putting strong effort into robust first-party games like God of War, Insomniac's Spider-Man, Death Stranding and The Last of Us II in an effort to both sell consoles and software. 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). 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.

When earnings in the year ended March exceeded the previous peak set in 1998, Sony pledged to maintain high profit levels to prove last year's record profit was not a one-off. To that end, Sony has been expanding businesses promising stable revenue streams, such as online gaming services and music content libraries, while minimizing the impact of the volatile sales cycles of game consoles and other electronics gadgets. The unit also got a lift from the ongoing popularity of mobile game Fate/Grand Order.

Sony Corp's logo is seen at its news conference in Tokyo, Japan November 1, 2017.

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