Sony Group announced on Friday that PlayStation 5 sales would increase by six million units in the current business year. However, the company also forecasted a slip in profit from a record high due to weaker financial services sales offsetting gains from gaming, music, and movies.
Sony expects its operating profit for the year to March 31 to fall 3.2 percent to JPY 1.17 trillion ($8.65 billion, roughly Rs. 70,776 crore), which is lower than the analysts’ average estimate of JPY 1.275 trillion (roughly Rs. 76,857 crore) profit, according to Refinitiv data.
The company’s gaming unit’s improved performance will come as a relief to the entertainment and electronics conglomerate. The company struggled to manufacture enough PlayStation 5 game consoles during the COVID-19 pandemic due to supply chain disruptions.
“We can now deliver PlayStation 5 to almost anywhere in the world without keeping our customers waiting,” said Sony Group President Hiroki Totoki at a press briefing after the company announced its results.
Sony, which competes with Xbox maker Microsoft and Switch provider Nintendo, anticipates selling 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 sold the year before that.
For this business year, Sony forecasted an 8 percent rise in profit for its gaming and network unit to JPY 270 billion (roughly Rs. 16,274 crore). It anticipated slightly higher earnings for its music and pictures divisions, with profits from financial services falling by a fifth.
Sony also predicted that image sensor sales would dip by 5.8 percent to JPY 200 billion (roughly Rs. 12,058 crore).
The company said its overall operating profit for the three months that ended March 31 fell 7.3 percent to JPY 128.5 billion (roughly Rs. 7,748 crore), while full-year profit slightly increased to a record JPY 1.21 trillion (roughly Rs. 72,976 crore).
© Thomson Reuters 2023
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