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article imageSony's profits rise through PS4 sales

By Tim Sandle     Aug 1, 2014 in Business
Tokyo - Sony, the Japanse tech giant, has produced a net profit of 25.7 billion yen ($250 million) for the three months to 30 June. This is up from 3.1 billion yen a year ago.
Sony has confounded the expectations of the business world by reporting a better-than-expected profit for the first quarter. Economic Times notes that this has been helped by robust sales of its latest PlayStation (the PS4 gaming console). Sales at its gaming console division rose almost 96 percent during the period.
Sony's PS4, which was launched in November last year, has emerged as the bestselling "new-gen" console, out selling rival platform, the Xbox One (18.7 million PS4 systems were sold during the last financial year). The PS4 success has helped Sony overtake rival Nintendo in sales of game consoles for the first time in eight years.
Profits were also helped by a weak Japanese currency. Although the news for the recent quarter is good, Sony indicated that it still expects a net loss of 50 billion yen for the financial year through March 2015. The reason for this is because the company does not expect to make money on smartphones this year due to weak demand.
For this reason, the company is continuing with a restructuring its business, something that it feels is necessary after years of losses.
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