Sony experienced a 31% drop in operating profit in its latest quarterly report, which covered April to June. Although PS5 sales were lower than expected during this period, the company still anticipates selling 25 million consoles this financial year. Sony attributes the downturn to its movie business and the smartphone market, both of which have been impacted by factors such as the ongoing SAG-AFTRA and WGA strikes.
Quick Facts
- Sony sold 3.3 million PS5s in the last quarter, a 38% year-over-year increase.
- The company aims to achieve a hardware sales target of 25 million units this fiscal year.
- Sony’s game division sales increased 28% year-on-year, totaling 167.8 billion yen.
Despite selling 3.3 million PS5s in the last quarter, Sony management stated that the number was “somewhat less than the expected progress toward our fiscal year sales target of 25 million units.” However, they also mentioned that sales momentum has improved due to promotions initiated in July. The company has prioritized the accelerated penetration of PS5 hardware and is committed to implementing measures to achieve its hardware sales target.
In the battle of console sales, the PS5 has so far outsold its major competitor, the Xbox Series X. Analyst Piers Harding-Rolls of Ampere Analysis suggested that better PS5 sales figures were due to improved availability compared to previous years, as well as a number of hit games such as Diablo IV and Final Fantasy XVI.
Sony’s report also revealed that 56.5 million games were sold and 108 million monthly active users were recorded, compared to 47.2 million games sold and 103 million monthly active users in the same time period in 2022. Previously, Sony has expressed its intention to look beyond its console business, with plans to earn $450 million from PC games alone over a 10-month period starting in May. The PS5 is still lagging behind the PS4 in terms of sales during the same period in its lifespan, but this can be partly attributed to supply shortages earlier in the current-gen console’s lifespan.
