Sony profits soar ahead of PS4 launch

Sony has released its Q1 2014 financial earnings report, and the tech giant is showing a higher-than-expected profit to kick off the 2014 financial year.

Sony spans many market segments, and their business falls into the following operating divisions: Imaging products and solutions; gaming division; mobile products and communications; home entertainment and sound; devices; pictures; music; and financial services.

Sony generated an operating profit of $367-million, up from the $64-million from the same period the year before.

“While movies, music and the financial business are providing stable profits, the biggest challenge that we face is the rebirth of electronics and returning that division to profitability,” said Masaru Kato, chief financial officer of Sony. “With that in mind, I believe this result is adequate.”

In terms of the gaming division, Sony racked up 117.9 billion yen in sales, but incurred an operating loss of 14.8 billion yen. The loss was said to be due to the increase in research and development expenses ahead of the Playstation 4’s release.

In terms of systems sold, Sony shifted 1.1 million units (PS3 and PS2), while selling 600,000 portable consoles (PS Vita and PSP) and 64 million units of software sales.

Sony’s PS4 is set to launch before the end of 2013, and the company is expecting to grow the business as a result of it.

“Sony aims to further move the game business forward by enhancing peripherals and the software lineup, and fully preparing for the launch of the PS4 this holiday season.”