Sony doubles profits amid gaming boom
Sony doubled its operating profit in the fourth quarter to 138.6bn yen (£862m) after sales were boosted across its gaming business.
The Japanese technology company reported income from sales of 87.3bn yen in its gaming and network services division, up by 55 per cent compared to the same period last year.
Sales in the gaming division were driven by strong demand for the flagship Play Station 5. Sony shifted 11.5m units in the 2021 financial year and almost 20m units have been sold since the product was released in mid-2020.
The tech giant has been consolidating its position at the apex of entertainment businesses globally with a string of acquisitions.
Earlier this year, Sony snapped up Bungle, the creator of the “Halo” videogame, in a $3.6bn deal. In December it picked up US gaming firm Valkyrie Entertainment. Sony has also increased its stake in Fortnite Maker Epic Games, investing around $1bn in the company last month and helping to push its valuation to $24bn.
Sony’s movie division also received a boost from the release of Spiderman: No Way Home. Combined US and international box office sales generated over $1.8bn according to Sony’s financials.
Despite reporting a positive set of fourth quarter financials Sony’s share price is in a downward spiral, sliding more than a third this year to date.
The company predicted full year profits will fall by four per cent from 1.2 trillion yen in 2021 to 1.16 trillion yen.
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