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Sony’s Q4 profits have nearly doubled due to a boost on the PlayStation sales and movies!

Sony has been one of the most popular gaming platforms for all gamers. Sony has introduced a lot to the gaming industry. And now the company is enjoying the ripened fruits due to the hard work they have done all over the years. The company has been mostly in profit since the announcement and arrival of their new Sony PlayStation 5 which has been the biggest hit of all time. The company’s net profit rate has been going up due to this.

Sony reports an operating profit of 66.5 billion yen for the fourth quarter, up from 35.4 billion yen in the fourth quarter of 2015. The strong performance was driven primarily by increased demand for gaming, movie ticket sales, and other content during the Covington-19 pandemic. This has been one of the biggest spikes seen in terms of the profit of the company. The company reported a net profit of 50.4 billion yen ($455 million) for the January-March period. This compares with the 76.1 billion yen average of estimates from five analysts surveyed by Refinitiv.

Sony’s gaming business has benefited from strong demand for its consoles and games as customers turned to Sony’s new hardware after delays to rivals’ 5G devices. Sony posted earnings last month for its first quarter following a major hacking scandal that devastated the Japanese electronics giant. Sony saw its gaming business contribute to robust earnings that beat market forecasts.

Sony is introducing its next-generation console to markets in November and selling it as a gateway to increased online gaming, aimed at signing up people for subscription-based services. Recognizing the increasing demand for online content and entertainment, Sony has been busy readying their latest device. Sony’s new PS5 console will bring an all-in-one entertainment hub to your living room. The PS5 will be capable of bringing all your music, television, and movies into one place so you can enjoy them from the comfort of your couch. The PlayStation 5 will take everything Sony does best and put it in one place.

Sony is streamlining its consumer electronics business by closing a factory in Malaysia that manufactures audio recording equipment, headphones, and other products. The company, which has undergone a major brand overhaul since firing its founder and CEO last year, will close its home entertainment plant in Penang, Malaysia in phases.

Sony Pictures Entertainment announced this month that it had reached an agreement with Walt Disney Co to offer “Spider-Man” movies and other films on the latter’s streaming service after also signing an agreement with Netflix Inc to stream its movies.

Sony has struck deals over the Spider-man franchise that will see films added to Disney’s streaming service as well as Netflix’s library. This week, Sony secured deals with Disney and Netflix to stream their content on their own platforms.

Sony Corp (6758.T) expects to report a net profit of 930 billion yen ($8.45 billion), down 4.3 percent from the previous year, the Nikkei newspaper reported on Monday, citing an internal letter that it had seen. The earnings guidance also comes in below analyst expectations, according to Refinitiv data. Sony has been on a roll since these new products’ arrival.