Sony has revealed that the last quarter's PlayStation 4 hardware sales has brought the total units sold to 82.2 million. The net profit forecast increases to JPY 500 billion from JPY 491 billion a year ago and JPY 480 billion in the earlier outlook. 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. Now, in order to keep the good times rolling, Sony is offering a solid selection of titles as free games for PlayStation Plus subscribers during the month of August 2018.
Sales and operating revenues for the quarter rose to 1.95 trillion yen or $17.91 billion from prior year's 1.86 trillion yen. Sony also raised its outlook for sales to ¥8.6-trillion from ¥8.3-trillion, citing higher-than-expected videogame sales. Sony's remaining shares in Spotify are valued at ¥95.3 billion (~$852.06 million).
As we get closer to the end of the generation, it's obvious console sales start to reduce over time, but it looks like Sony doesn't really worry about that, also thanks to a very strong software lineup coming in the past year of PS4's lifecycle. Annual results are now expected to reach JPY 2.135 trillion in sales and JPY 250 billion in profit. During the quarter, the company had few surprises to share at the Electronic Entertainment Expo (E3) and also angered gamers over its lack of cross-platform play for Fortnite.
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.
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. Cooling demand for smartphones was the primary driver in Sony's weaker-than-expected full-year forecast in April.