Sony sees slumping revenues despite strong PS5 demand

Sony Group released its financial report for the period ended September 30 and its operating profit fell 29% compared to the same period last year.

Sony posted a profit of JPY 263 billion ($1.74 billion) as the company saw disappointing performance across its image sensor and chip divisions.

Quarterly revenue stood at JPY 2.8 trillion ($18.5 billion), representing an 8% increase over 2022 levels.

Chip profit fell 37% on higher costs and lower sales of imaging sensors while the entertainment, technology and services segment also fell 9% YoY.

On a more positive note, Sony shipped 4.9 million PS5 units for the quarter, 1.6 million more consoles than a year ago. For those keeping count, Sony has now shipped 46.6 million PS5 units since the console launched in 2020.

Additionally, the new Spider-Man 2 game sold an impressive 5 million units. Sony has a sales target of 25 million PS5 consoles shipping by the end of this year, which leaves 16.8 million units for the remaining three months.

Sony’s annual gross sales forecast is now up to JPY 12.4 trillion ($82.1 billion), with strong sales expected for its video game, music and imaging solutions businesses.

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