PS5 Misses Sales Target, But It's Still Up Big Compared To 2022
A recent earnings report showed a big drop for Sony's general revenue, but PS5 sales are still going strong, albeit below expectations.
By Steven T. Wright on
Sony's latest quarterly report included some bad news for the company, marked by a 31% drop in operating profit from April to June. Though PS5 sales fell below expectations, Sony still says that it expects the console to sell 25 million this financial year, which would be a record for the console. (Current sales for the console are more than 40 million).
Regarding the 3.3 million PS5s sold in the last quarter, Sony management said, «This amount is somewhat less than the expected progress toward our fiscal year sales target of 25 million units, but, due to promotions begun in July, we are seeing an improvement in the momentum of sales.»
Sony added: «We have positioned the accelerated penetration of PS5 hardware as one of the highest priorities in this fiscal year, and we will try to work steadily to implement necessary measures to achieve our hardware sales target of 25 million units.»
Sony pointed to shortfalls in its movie business and a general downturn in the smartphone market as major causes for this slump. The company has forecasted a 10% decline in operating profit for the year, so this bad news doesn't exactly come as a surprise. Sony is one of many large companies impacted by the ongoing SAG-AFTRA and WGA strikes, which have essentially stalled the movie and television business in their tracks.
From April to June, Sony sold 3.3 million PS5s, which is up 38% year-over-year. This is a major part of why the company is forecasting a banner year for the console, which has so far outsold its major competitor, the Xbox Series X. Analyst Piers Harding-Rolls of Ampere
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