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Sony Turns Quarterly Profit With Help From PlayStation Division

Sony has announced its quarterly results for the first quarter of the current fiscal year. The company has reported profits of ¥26.8 billion ($261.8 million) up from ¥3.1 billion ($30.3 million) at this time last year, though still projects a loss of ¥50 billion ($488.4 million) for the current year.

In the quarter spanning April to June, Sony shipped a combined 3.5 million PlayStation 3 and 4 units and 750,000 handhelds (we expect these are largely Vita as PSP shipments ceased mid-quarter). This is up from 1.1 million and 600,000 respectively. Sales were up from ¥131.6 billion ($1.29 billion) to ¥257.5 billion ($2.52 billion) on the back of strong PlayStation 4 sales and greater than 200 percent growth of PlayStation Plus since November 2013.

Software was up, with 85 million units sold. This compares against 68 million units in the same quarter in 2013, and is due to new-gen game boosts as PS3 titles were down. 

Sony has revised upward the game division’s sales and operating income projection based on the PS4’s strength. Sales increase from ¥1.22 trillion ($11.9 billion) to ¥1.24 trillion ($12.1 billion). Operating income forecasts are boosted from ¥20 billion ($195.36 million) to ¥25 billion ($244.2 million). 

Sony is projecting that 17 million PlayStation consoles (last-gen and new-gen combined) and 3.5 million Vita units will be sold by March 31, 2015. The company also anticipates 390 million units of software to move by then.

[Source: Sony (1), (2)]

 

Our Take
Sony’s financial picture still isn’t good for the year, but the company has met its targets. This should mean that things won’t be significantly different than the projected ¥50 billion ($488.4 million loss). Sony has this year to shake off the restructuring expenses and return to financial health. Next year must be profitable.

As for PlayStation, I’m disappointed we didn’t get specific PlayStation 4 figures yet. Things across the division are moving in the right direction though, with Andrew House and company having reason to be pleased at the performance.

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