Sony Music Revenue, Operating Income Up Double Digits In First Quarter

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Sony kept its net profit forecast at 255 billion yen, more than triple that from a year earlier, and said it expects its operating profit to leap 73.2 percent to 500 billion yen, which will be the highest in nearly 20 years.

The accompanying press release included detailed information on the whole company's performance during the quarter. On a constant currency basis, sales increased 14%.

More importantly, we get an update on PS4 shipments. The latest actual sales number that Sony provided was 60.4 million, a figure the company disclosed during E3, good through June 11.

Sony also provided a detailed analysis of the results of the Game & Network Services segment, which includes PlayStation and the PlayStation Network. Sales saw a sharp 15% increase to ¥1.86 trillion ($16.9 billion).

With the exception of the first quarter of 2014, when the music operation saw an extraordinary gain due to a re-measurement of Sony Music Entertainment's equity interest in the Orchard as it acquired the other half of the company, this quarter represents the overall music operation's best first fiscal quarter in years.

This was due to an increase in PS4 software sales and PS VR sales, but its growth was offset by the impact of the PS4's price reduction that took place in September 2016.

Launched in 2010, PlayStation Plus offers PlayStation 3, PlayStation 4, and PlayStation Vita owners free games - which remain accessible only so long as the subscription remains active - and discounts on other titles plus 10GB of remote storage for game saves. Sales and operating revenue's guidance has been raised by 3.6%, and Sony now expects to make $75.12 billion (8.3 trillion yen) during the twelve-month period ending March 2018. Lower hardware prices wasn't the only contributing factor here, however, as Sony also noted "the absence of the significant contribution of a highly profitable first-party software title" compared to the same period a year ago.

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