Sony Reports First Quarter Results – Profitable Despite PlayStation 3 Development

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Sony reported its financial results for its fiscal first quarter ended June 30.
For the latest quarter, Sony reported consolidated net income of ¥32.291 billion (around $279 million) compared to a consolidated net los of ¥7.263 billion in the same quarter the previous year.

While Sony's results are much improved, the better performance is strongly impacted by the success of The Da Vinci Code in theaters and occurred despite the performance of the game division. For the game segment, Sony reported a decrease in sales of 29.1% compared to the same quarter the previous year due to declining PSP sales as well as PlayStation 2 hardware and software sales.

Specifically, the game segment saw revenues of ¥172.778 billion (approximately $1.49 billion) compared to ¥122.489 billion in the same quarter the previous year. Most importantly, Sony is sinking great gobs of cash into the PlayStation 3, and since the console has not launched, Sony has been unable to recoup any of those expenses. But Sony does expect to ship six million PlayStation 3s before the end of its fiscal year in March, 2007.

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This page contains a single entry by Editor published on July 27, 2006 11:12 AM.

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