Sony announced in its first-quarter earnings report that it broke its own earnings records with its PlayStation’s sales-driven gaming and networking services division. Operating profit increased by $2.57 billion due to increased demand for games and home entertainment. Despite the decline in PS5 sales, software sales increased slightly instead.
Sony smashed its first-quarter financial earnings records, with its gaming and networking services division (led by PlayStation sales) also breaking its revenue records for the same period.
announce In the financial earnings report In Sony’s first quarter, the company’s operating income rose to nearly $2.57 billion, an increase of 26% year over year, a record for the quarter. This increase was driven by the increased demand for gaming and home entertainment during Covid-19 restrictions around the world.
Much of that profit comes from the company’s gaming and networking services division, which itself broke records in the first quarter. The division comfortably recorded Sony’s highest revenue in the first quarter, bringing it to about $5.6 billion, a record first quarter for gaming and networking services.
While revenue and unit sales of game consoles are down slightly from the past two quarters — the PlayStation 5 placed 2.3 million units in the first quarter — game software sales increased slightly from last quarter, with 63.6 million games sold, 10.5 million of which were #1 Party exclusive. 71% of games sold are made digitally, with digital games continuing to dominate physical formats.
It’s a period of continued success for Sony’s game console, which saw the PS5 sell 10 million units (overtaking the staggering success of the PS4) and become the best-selling console in US history. Obviously, the only thing holding the console back at the moment is the global shortage of semiconductors, which could last for years.
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