Financial News

  • 10 June 2014, 7:21

PS4 Helps Sony Overtake Flagging Rival Nintendo

Sony has sold more consoles than its flagging Japanese rival Nintendo for the first time in eight years.

Due to the launch of Sony's PlayStation 4, the company sold a total of 18.7 million video game consoles in the financial year ending in March.

Meanwhile, Nintendo's sales fell by 31%, shifting 16.3 million units.

The old rivals have had contrasting fortunes in recent months.

Demand for Nintendo's latest console - the Wii U - has lagged behind the original Wii, the most popular console of the last generation.

And in May the company confirmed an annual loss of $229m (135m) - blaming weak sales of the Wii U and its handheld 3DS device.

Meanwhile, PlayStation 4 has emerged victorious in the console war with Microsoft's Xbox One.

Sales figures released in April showed it had sold at least two million more consoles than the US firm.

Nintendo, best-known for its Super Mario and Pokemon games, has promised to return to profit in its current year thanks to new game releases.

It has also cut the Wii U's retail cost in an attempt to boost sales.

On Friday the company announced the closure of its European headquarters in Germany, with the loss of 130 jobs.

All three console firms will announce new titles this week to coincide with the E3 video games conference in Los Angeles.

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