PS5 – Sony Posts $2.57B Profit Behind PS5 Sales

Sony raised its financial outlook for the year up to $6.4 billion from $6.02 billion following its latest earnings report on Wednesday. 

The Japanese tech giant posted a record operating profit of $2.57 billion in its fiscal Q1, a 15% increase year-over-year.

The strong quarter was driven by Sony’s PlayStation 5 console — which has sold more than 10 million units globally since its November 2020 release, making it the fastest-selling console in the company’s history. Sony also sold about 500,000 PlayStation 4 units during the quarter, bringing its lifetime sales to 116.4 million.

In May, the company said it expects to sell 14.8 million PS5 units in the fiscal year ending in March 2022.

Sony’s Game & Network Services division reported $5.6 billion in first-quarter sales, a 9.7% jump year-over-year. TVs, cameras, music, and movies also saw increased sales.

Sony has been expanding its gaming reach through a series of acquisitions.

• In June, it acquired Finnish video game developer Housemarque, the studio behind PS5 hit “Returnal.”
• Last month, it bought Netherlands-based Nixxes Software to strengthen PlayStation Studios.

There’s an urgent need for more blockbuster first-party titles like recent hits “Spider-Man: Miles Morales” and “Ratchet & Clank: Rift Apart.”

Sony reported 63.6 million games sold in Q1, down from 91.4 million in the same period a year prior.