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Sony Q1 Profit Rises; Lifts FY Profit, Sales Outlook

Sony Q1 Profit Rises; Lifts FY Profit, Sales Outlook

PS4 is clearly winning the console race of this generation and this can also give a head start to Sony who has already started working on PlayStation 5. That gain came from the sale of Sony's camera module unit and the receipt of insurance payouts for quake damage.

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.

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

Music: Streaming continued to grow, with Spotify last week announcing monthly active users had grown to 180 million, topping estimates. Additionally, the trivia game Knowledge is Power is also free this month, with the title requiring players to use a mobile device and Sony's PlayLink app to experience it. Sony today shared a new financial report of the first quarter of the current fiscal year, so we know that PS4 has a new record in sales. Big name exclusives will help Sony get there. The company also raised its operating profit forecast by 32%.

Sony last updated its figures for PS3 in November 2013, where the console stood at 80 million units; while it's obviously sold more since then, we still don't have anything to tell us that it's ahead of PS4 right now. However, Sony proved the researcher wrong. And while this is not a surprise for the market, the fact of the matter is that it is a very strong performance.

According to Bloomberg Intelligence analyst Masahiro Wakasugi, even if one were to look past the one-time gains Sony made in the quarter, the company's core business is growing and generating profits.

Under that strategy, the gaming business saw profit increase to 83.5 billion yen in the three months ended June from 17.7 billion yen a year earlier, as high-margin online software and new first-party titles such as "God of War" and "Detroit: Become Human" compensated for slowing sales of PlayStation 4 consoles.

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