Sony on Tuesday reported a 7% decline in annual profit for fiscal 2023 due to weakness in its gaming division.
The company also narrowly missed its full-year sales forecast for its main game console, PlayStation 5.
Sony’s March quarter earnings and LSEG consensus forecasts are as follows:
- Sales: 3.5 trillion yen ($22.4 billion) versus the expected 2.89 trillion yen. This represents a 14% year-on-year increase, but is Sony’s first decline since the September 2020 quarter, according to LSEG data.
- Operating income: 229.4 billion yen compared to the forecast of 236.81 billion yen. This marks a 57% increase over the previous year.
The Japanese gaming giant reported revenue of 13 trillion in 2023, an increase of 19% year-on-year.
However, Sony’s full-year operating profit was 1.2 trillion yen, down 7% from the same period last year.
Sony narrowly achieved its downwardly revised sales target for PlayStation 5. The company announced that sales of its flagship game consoles will total 20.8 million units in fiscal year 2023.
This is slightly lower than Sony’s revised 21 million unit target that it presented to investors in February. Prior to that, the company expected annual sales of PS5 game consoles to reach 25 million units.
This breaking news article is being updated.