Earnings: Sony’s Console Sales Aids In Big Profits
Japanese electronics and gaming giant Sony has released its latest quarterly earnings report. From it, it appears that the company is largely reaping spoils from its Playstation 5 console that was released last November and now has sold over 10 million units.
- Sony reported a record operating profit of $2.6bn in the quarter ended June 30, 2021. The record profit was helped by PS5 sales, as the company’s Game & Network Services division brought in $5.6bn in sales during the period.
- Last month, Sony announced that PS5 console sales have topped 10 million units, less than a year after its release. It’s a good start for the $499 (MSRP) console, which is the fastest-selling of its kind in Sony’s history.
- Surely, many gamers out there are hungry to get their hands on the new PS5, but even the preceding PS4 is still selling to the tune of 500k in the quarter ended June, bringing its lifetime sales to 116.4 million, damn.
- Of course, Sony doesn’t just sell consoles but also has a big business of selling games played on those consoles. In that segment, the company has been expanding through a series of acquisitions lately, such as Finland’s Housemarque, the maker of PS5 hit Returnal, and Nixxes Software, a game developer in the Netherlands.
- In the quarter ended June, Sony sold about 64 million games, down from 91 million in the same period a year prior.
- Overall, Sony Corporation as in the conglomerate reported $20.6bn in sales in the quarter ended June and an operating profit of $2.6bn. The bottom line is that the PS5 and other consoles helped juice the company’s sales.