Sony upgrades full-year forecast, logs brisk quarterly profit

PS4 Expected To Have Outsold Lifetime Sales Of PS3 Within Months

PlayStation Plus Free Games for August 2018 Revealed

Sony's remaining shares in Spotify are valued at ¥95.3 billion (~$852.06 million). Annual results are now expected to reach JPY 2.135 trillion in sales and JPY 250 billion in profit.

These two games will be available at no additional cost to active PS Plus subscribers, as the titles can be downloaded for free on PlayStation 4 consoles starting on Tuesday, August 7, 2018.

Music: Streaming continued to grow, with Spotify last week announcing monthly active users had grown to 180 million, topping estimates.

The strong quarter should come as a relief to investors, who were caught flatfooted in April when new CEO Kenichiro Yoshida unveiled a dour full-year forecast, sending shares tumbling. Operating profit also surged more than 5 times, thanks to the sale of its new games, including a new version of the iconic God of War and Detroit: Become Human.

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Sony lifted its annual profit outlook for the gaming business and semiconductor business by JPY 60 billion and JPY 20 billion, respectively. To that end, Sony has been expanding businesses promising stable revenue streams, such as online gaming services and music content libraries, while minimizing the impact of the volatile sales cycles of game consoles and other electronics gadgets. The company also raised its operating profit forecast by 32%. The last known figure of the PlayStation 3 console was around 80 million units in total, so it's safe to say that the PS4 has outsold the PS3 in a little less than five years since its launch.

The upward revisions confirm a smooth transfer at Sony following its return to health after huge losses in recent years.

In gaming, profit rose nearly five times to 83.5 billion yen, as high-margin online software and Sony-made titles such as "God of War" compensated for slowing sales of PlayStation 4 consoles. During the quarter, the company had few surprises to share at the Electronic Entertainment Expo (E3) and also angered gamers over its lack of cross-platform play for Fortnite. It now expects a group net profit of 500 billion yen, up 1.9 percent from the previous year.

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