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Sony’s financial woes getting better, still not great

Sections: Consoles, Game-Companies, Handhelds, PS3, PSP & PSPgo, Publishers, Vita

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Sony has remained one of the top companies in gaming. As one of the big three, Sony has garnered a lot of success with the PS3 and several of today’s popular games. Unfortunately, this hasn’t helped the company deal with some financial losses and poor sales on the hardware front.

Despite the fact the PS3 has been holding up in the market, the PS Vita has been struggling to sell. A Games Industry report has found that the financial service site Moody has actually downgraded the company to the ‘junk’ level in being a worthwhile investment.

Handheld hardware, including the PSP, are now expected to achieve much lower sales than previously foretasted. Originally expecting 12 million handheld units to be sold, sales are now expected to go down to 10 million units.

Poor TV sales have also effected Sony’s placement in Moody’s lowest investment rating, Baa3. Moody sees the strong competition in the television, and phone market, wreaking further havoc on the company’s camera sales and doesn’t see the situation changing anytime soon.

There is some good news despite the loss in hardware. The company’s software sales have increased since last year with PS3 and PS2 game sales at 41.4 million units compared to the 40.2 million units from last year. Vita and PSP sales also rose from 8.2 million units to 8.7 million this year.

It’s unfortunate to see Sony in this state. One would think that Nintendo would be struggling but, with the release of the Wii U, the company has the opportunity to sell some great hardware. Sony’s has never been strong in the handheld market so it’s understandable the company is struggling with sales.

With another holiday season around the bend and some impressive exclusives on the way Sony may be able to bounce back next year.

Also Read [Games Industry]

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