Strong PS5 Sales Are Not Helping Sony With Profits

Sony Group has released its financial report for the period ending on September 30, revealing a 29% decline in operating profit compared to the same period last year. The company recorded profits of $1.74 billion, attributing the disappointing performance to challenges in its image sensor and chip divisions.

Quarterly revenues reached $18.5 billion, marking an 8% increase from the previous year. Chip division profits experienced a 37% decrease due to elevated expenses and a decline in imaging sensor sales. Additionally, the entertainment, technology, and services segment reported a 9% year-on-year decline.

On a more optimistic note, Sony dispatched 4.9 million PS5 units in the quarter, marking a significant increase of 1.6 million consoles compared to the previous year. The cumulative shipments for the PS5 have now surpassed 46.6 million units since its launch in 2020.

Notably, Sony’s recently launched Spider-Man 2 game achieved impressive sales of 5 million units. Sony has set a sales target of shipping 25 million PS5 consoles by the end of this year, leaving 16.8 million units for the remaining three months.

Adding to the positive developments, Sony introduced a redesigned PS5 Slim last month, perfectly timed for the holiday season. The company’s annual total sales forecast has been revised to $82.1 billion, anticipating robust sales in its video game, music, and imaging solutions businesses.

As for the rumored PS5 Pro, that variant is not expected to come out anytime soon since the PS5 Slim came out. However, according to reports, the enhanced PS5 should be capable of improved ray tracing and higher FPS in games at a larger resolution.

Additionally, it is only the beginning of Sony’s Spider-Man 2 sales cycle so it is expected to bring a lot of numbers for Sony in the near future.

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