Sony’s latest financial result reveals a dip in PlayStation 5 sales compared to the same period last year. The gaming giant sold 2.4 million PS5 units in the first quarter of the 2024 financial year, a notable drop from the 3.3 million units sold in the same quarter last year. Despite this decline, the PS5 has still managed to reach an impressive 61.7 million units sold since its launch in 2020.
As IGN reports, the decrease in PS5 sales was not entirely unexpected, as Sony had previously adjusted its overall PS5 sales target for this financial year to 18 million units, down from the 21 million units it had aimed for last year. This was a significant reduction from the company’s initial target of 25 million units, which it ultimately failed to achieve, ending the year with 20.8 million units sold.
However, it’s not all bad news for Sony. The company’s operating profit saw a 10% increase in the fiscal first quarter compared to the same period last year, surpassing analyst expectations. CNBC points out that Sony’s music division played a significant role in this success, with the release of R&B superstar Beyonce’s new album, “Cowboy Carter,” boosting the division’s performance.
Sony’s gaming division also experienced revenue growth, with revenues reaching 864.9 billion yen in the quarter, a 12% increase from the 771.9 billion yen reported a year ago. This growth was driven by increased sales of first-party game software titles and network services, primarily the PlayStation Plus subscription service.
The company’s monthly active users, a crucial metric for measuring audience engagement, also saw an increase compared to last year. Sony reported 116 million monthly active users in this period, up from 108 million in the same quarter last year.
Looking ahead, Sony has revised its revenue forecast upward by 2% to 12.6 billion yen for the full year 2024, and its operating profit forecast by 3% to 1.3 trillion yen. The company’s strong performance in its gaming, music, and imaging chip businesses has helped to offset the decline in PS5 sales.
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