Sony upgrades full-year forecast, logs brisk quarterly profit

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It said sales were up 9.1 percent to ¥168.16 billion, and it was expecting strong demand for the Switch console to continue into the second half of the year. That boosted royalties received by Sony, sending operating profit up 28% from a year ago to ¥32.1-billion.

These two games will be available at no additional cost to active PS Plus subscribers, as the titles can be downloaded for free on PlayStation 4 consoles starting on Tuesday, August 7, 2018.

Operating profit was 195 billion yen ($1.75 billion) in the June quarter, the Tokyo-based company said Tuesday, compared with analysts' average projections for 145.4 billion yen. Annual results are now expected to reach JPY 2.135 trillion in sales and JPY 250 billion in profit.

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The figures are Sony's first quarterly results under new chief executive officer Kenichiro Yoshida, who replaced Kazuo Hirai in April.

According to Bloomberg Intelligence analyst Masahiro Wakasugi, even if one were to look past the one-time gains Sony made in the quarter, the company's core business is growing and generating profits.

To that end, Sony has been expanding businesses that promise stable revenue streams, such as online gaming services and music content libraries, while minimising the impact of the volatile sales cycles of game consoles and other electronic gadgets.

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In May, Sony unveiled a $1.9-billion deal to buy industry titan EMI Music Publishing, which has the rights to songs by the likes of Queen and Pharrell Williams. From its release to date the console has sold in its millions - 75 million to be more precise.

"In parallel with an increase in digital sales, software sales also have been moving in good shape towards the holiday season", it said.

The company raised its annual net income attributable to stockholders guidance to 500 billion yen from the prior range of 480 billion yen, due to the expected increase in income before income taxes, partially offset by an expected increase in tax expenses.

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Quite surprisingly, 20 million of those sales occurred in the company's last financial year, firmly reminding other competitors (such as Nintendo (OTC:NTDOY)) that Sony is still king of the gaming world.

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