Sony Corp has posted a jump in first-quarter operating profit as pandemic-led demand boosted sales of PlayStation 5 consoles, TVs, cameras, music, and movies. Operating profit for the quarter ended June 30 rose to 280.1 billion yen ($2.57 billion) up from 221.7 billion yen a year earlier.
Sony has benefited from strong demand for its PlayStation 5 games console as people stay at home due to the Coronavirus. As a matter of fact, due to the shortage of semiconductors, which is also affecting the likes of Apple, Sony cannot produce enough consoles to meet demand.
Sony in May said it expected to sell 14.8 million PS5 units in the fiscal year ending March 2022. Launched in core markets in November 2020, the console, which sells ‘at a loss’ for as much as $500, quickly sold out.
Sony says the game console is a way to connect its traditional consumer electronics with its growing content business thus encourages online game downloads and sign-ups for subscription services.
Sony is also beefing up its entertainment content and distribution business, in December it agreed to buy AT&T Inc’s animation business Crunchyroll with 3 million subscribers worldwide.
Sony also offers movies on Walt Disney Co streaming service and on Netflix.