Sony Profits Rise 44% on PS5 Games and Spider-Man Hit
Strong game sales and a massive movie hit drove Sony's latest earnings surge.
TL;DR
- Sony Q2 net profits hit $2.84 billion, up 44% year-over-year.
- Spider-Man: Brand New Day earned $2.52 billion at the box office.
- PS5 game sales rose despite console supply issues; 97.9 million units sold to date.
Sony posted solid second-quarter results, with net profits hitting $2.84 billion. That marks a 44 percent rise from the same stretch last year.
The gains came mostly from the PlayStation side and the July release of Spider-Man: Brand New Day. The film pulled in $2.52 billion worldwide, making it the third-biggest movie ever at the box office. Sony Pictures saw its earnings leap to $581 million, up 527 percent from the prior year.
PlayStation 5 console sales dropped to 2.6 million units from 4 million a year earlier, largely because of supply shortages. Still, overall game sales rose by 9.8 million units. Digital downloads made up 78 percent of full-game software sales, up from 72 percent last year. Software revenue reached $4.48 billion, while network services grew 19.5 percent to $1.38 billion.
Marvel’s Wolverine sold 2.4 million copies in its first 50 days. Sony has now moved 97.9 million PS5 units since launch and is closing in on the 100 million mark. The company says work on the next-generation console is moving on schedule.
The Tea
Even with console supply headaches ahead of GTA VI, Sony’s mix of hit games and a record-breaking movie shows how its entertainment bets are paying off right now.