Andre Yoskowitz
2 Feb 2008 15:30
Although the PlayStation 3 had a slow start, after multiple price cuts and aggressive ad campaigns, sales have picked up and Sony has breathed a sigh of relief. The company has reported a 6 percent increase in its quarterly operating profit citing very strong sales in the video game market. Overall, net income in Q3 increased 25 percent to $1.9 billion USD and sales were up over 9 percent.
Sony Computer Entertainment, also known more affectionately as the PlayStation division, turned a profit for the first time since the PS3 launched thanks mainly to increased sales and reduction in production costs which led to price cuts. For the holiday quarter, Sony was able to sell 4.9 million PS3s worldwide.
Despite the high sales though, Sony also announced it would lowering its full year sales target from 11 million down to 9.5 million, a pretty significant reduction.