PlayStation 4 continues with excellent results at the commercial level.
The Japanese electronics and entertainment giant said group net profit for the quarter to June 30 almost tripled from a year earlier to a record 226.45 billion yen ($2 billion), helped by a special profit from the sale of shares in Swedish streaming giant Spotify Technology S.A. This comes as no surprise considering the console is in its fifth year of sales. The result compared with the 145.23 billion yen average of eight analyst estimates compiled by Thomson Reuters.
The past quarter was a boon for Sony, primarily due to the increased sales from the Game & Network Services division.
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Growth was even sharper, at 61 percent, when excluding the previous year's one-time gain from the sale of Sony's camera module unit and receipt of insurance payouts for quake damage.
Group operating profit rose 23.7 percent to a record 195.01 billion yen, boosted by solid sales of new game titles such as "God of War" for Sony's flagship PlayStation 4 console, the company said. Sony's Spider-Man game arrives in a little over a month, and then there's Assassin's Creed: Odyssey, Battlefield V and Red Dead Redemption 2 all due for release in October. Sales increased 5.1 percent to 1.95 trillion yen.
Separately on Tuesday, gaming peer Nintendo Co Ltd reported an 88 per cent jump in first-quarter profit as sales of Switch game titles more than doubled, offsetting disappointing console sales. The one-time gain came from the sale of Sony's camera module unit and the receipt of insurance payouts for quake damage. The division includes sensors, which Sony expects to grow in the mid-to-long term as applications expand to vehicles, factory automation, surveillance and depth sensing.
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Apple's stock has been buoyant ever since it released its fiscal Q3 earnings, which were mostly positive for the company. Even with its $1,000,000,000,000 stock market value, many analysts do not view Apple's shares as expensive.
But he also said the outlook is uncertain.
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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