Sony profits collapses by 54% despite strong PlayStation performance
As part of its financial report, Sony Corporation reported its third-quarter results for the current fiscal year, running from October to December 2016. In the period described above, the company profits fell 54.3%, compared to the same period last year.
Despite the strong results of PlayStation 4, which continues to dominate the console market , Sony has failed to report encouraging data for the third quarter of its fiscal year, during which profits declined by 54.3% over the same period in the previous fiscal.
The significant drop took place despite the strength and great success of Sony’s Game & Network division, which includes everything related to PlayStation and its brand. Meanwhile, in the video games section, the company achieved a 5.2% increase in sales, to obtain a total of $5.325 billion in revenue for the quarter. This increase was awarded by Sony software sales and the contribution of PlayStation VR.
And if that was not enough, the profits of Game & Network rose 24.5%, which was made possible in part by cost reductions in the production of hardware for PlayStation 4, according to the statement made by Sony.
In total, for Sony Corporation, revenues decreased in the third quarter to $20.668 billion, or 7.1% compared to the same period of the previous fiscal year.
In general, Sony explained that the sectors that are not having the results obtained within its conglomerate are those related to mobile devices and movies. In fact, there is the rumor that the firm is looking to sell its gigantic division dedicated to the cinematography, Sony Pictures Entertainment.