Sony’s Profit for the Year Has Skyrocketed, All Thanks to Record-Breaking PS5 Sales

Sony PS5

After the launch of the PS5 console in 2020, its sales were really slow. This was mainly due to supply shortage. Many people around the world were eager to get their hands on Sony’s latest gaming console, but the Japanese company was unable to meet the demand. Sony finally fixed its supply issue between late 2022 and early 2023.

As soon as Sony was able to restock the PS5 console in its various retail stores and other third-party stores, the company’s profit started doubling up. Sony’s fiscal year ended in March and the company ended the year on a higher ground than it projected. At the end of the fiscal year, Sony posted a record-breaking operating profit of 1.21 trillion JPY. This is approximately $8.9 billion if you convert it into US Dollar.

Sony Expects to Sell More PS5 Next Year Sony PS5

Due to this substantial growth in profit, Sony has opened up its forecast for the next fiscal year which ends in March 2024. The multipurpose company has set its new forecast to 11.5 trillion JPY.

As stated earlier, most part of this profit comes from the high sales of the PlayStation 5 console. In the fiscal year that has just ended, Sony sold a total of 19.1 million consoles. Meanwhile, the company sold just 11.5 million consoles in the previous fiscal year. This could be mainly due to the supply issues that the company was going through.

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Sony has also increased its forecast for the PS5 console this fiscal year. The company plans to sell 25 million consoles by March 2024. As it stands now, the company is already closing-in on selling 40 million pieces of the PS5 console.

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Sony PS5 Sales Increased but Phone Sales Dropped Sony PS5

On the other hand, Sony’s mobile communication division saw a substantial drop in its sales. The sales of Sony mobile dropped by JPY356.8 billion ($2.62 billion). This amount contributes to about 2.5% drop compared to last year. However, the company did not provide the exact number of phones it was able to sell. What the company did was to report on the revenue from the gaming division which stood around JPY3.64 trillion ($27.3 billion).

Another division of Sony that saw a massive growth was its chip division. The Sony image sensor division cropped-in JPY3.64 trillion ($27.3 billion) for the company. This amounted to 36% year-on-year growth. However, Sony’s current fiscal year forecast shows that the company’s chip division will drop by 5.7%. This is due to the slow in demand from the Chinese phone manufacturers especially.

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