Sony expects profit to fall 3.2 percent despite unstoppable PlayStation 5 sales
Sony Group Corp on Friday said PlayStation 5 sales will jump by six million units this business year, but forecast its profit will slip from a record high as weaker financial services sales offset gains from gaming, music and movies. Also Read — PlayStation Plus free games for May 2023 announced: Grid Legends, Chivalry 2, more
The Japanese company said it expects operating profit in the year to March 31 to fall 3.2% to 1.17 trillion yen ($8.65 billion), lower than an analysts’ average estimate of a 1.275 trillion yen profit, according to Refinitiv data. Also Read — Sony introduces Accessibility Tags for PlayStation 5 consoles
The improved performance of its gaming unit, however, will come as a relief to the entertainment and electronics conglomerate after it struggled to make enough PlayStation 5 game consoles to meet demand during the COVID-19 pandemic because of semiconductor supply chain disruptions. Also Read — Sony announces free PlayStation Plus games for April 2023: Tails of Iron, Meet your Maker, more
“We can now deliver PlayStation 5 to almost anywhere in the world without keeping our customers waiting,” Sony Group President Hiroki Totoki said at a press briefing after the company announced its results.
Sony, which competes with Xbox maker Microsoft Corp and Switch provider Nintendo Co Ltd, said it expects to sell a record 25 million PlayStation 5 (PS5) consoles this business year, up from 19.1 million in the previous 12 months and more than double the number it sold the year before that.
For this business year, the company forecast profit at its gaming and network unit to rise by 8% to 270 billion yen.
Toyo Securities analyst Hideki Yasuda said sluggish sales of videogame software, which is more profitable than the
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