Sony is benefiting from strong PlayStation 5 sales

Sony did a good job last quarter with its PlayStation 5 game console, the company’s flagship product. The Japanese technology and entertainment group’s music division also performed better than expected. The sales were supported by the depreciation of the Japanese Yen.

Thanks to the strong performance, Sony also raised its forecast for the full fiscal year. Net profit is now expected to reach 860 billion yen (about 5.5 billion euros). Earlier it was still assumed 840 billion yen. Turnover is now expected at 12.2 trillion yen (more than 78 billion euros), against a previous forecast of 11.5 trillion yen. The outlook for the operating result remained unchanged.

Last quarter, the company saw revenue increase by a third to nearly 3 trillion yen. The operating result was higher than analysts expected.

The PlayStation 5 is the best-selling gaming console in the United States this year, both in terms of units and dollars. Display restrictions that have hampered the gaming system since its launch in 2020 are now a thing of the past. The company is working hard to expand the user base of the PlayStation 5 to entice more game developers to create games dedicated to the platform.

Sony recently inked a deal with Microsoft to ensure the continued availability of the popular shooter Call of Duty for the PlayStation after Microsoft acquired Activision Blizzard, the game maker.