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Sony PlayStation 5: falling revenues despite strong demand

Sony has a sales goal of shipping 25 million PlayStation 5 and PS5 Slim consoles by the end of this year.
Sony PlayStation 5 PS5 new

Sony Group has published its financial report for the third quarter of 2023. Sony reported a 29% decline in operating profit compared to the same period last year. The Japanese reported a profit of just JPY 263 billion (€1.62 billion/$1.74 billion) as the company suffered disappointing results in its image sensor and chip divisions.

Quarterly revenue was JPY2.8 trillion (€17.2 billion/$18.5 billion), up 8% compared to the third quarter of 2022. Chip profits fell 37% due to higher spending and declining image sensor sales. Additionally, the entertainment, technology and services divisions also fell 9% year-over-year.

On the positive side, Sony shipped 4.9 million PS5 consoles in the third quarter. That’s 1.6 million consoles more than last year. In total, Sony has sold over 46.6 million consoles since the launch of the PlayStation 5 in 2020. In addition, the Japanese have so far sold 5 million units of the new Spiderman 2 title. Sony has a sales goal of shipping 25 million PS5 consoles by the end of this year. This leaves 16.8 million units left for the remaining three months.

Sony launched a redesigned PS5 Slim last month just in time for the holiday season. Sony’s total annual revenue forecast is now up to JPY12.4 trillion (€76.4 billion/$82.1 billion), with strong sales expected for its video games, music and imaging divisions.

Source

Mats Hellqvist
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