Sony misses PS5 sales target as console enters ‘latter stage of its life cycle’::Sony has cut its sales forecast by 4 million units for the fiscal year, down from 25 million to 21 million. It comes as the company missed its sales projections by a million.
This is the best summary I could come up with:
Sony now expects to sell 4 million fewer PS5 consoles in its 2023 fiscal year ending March 31st compared to previous projections, Bloomberg reports.
In its third quarter, Sony’s gaming revenue was up 16 percent versus the same period the previous year, sitting at 1.4 trillion yen (around $9.3 billion), but operating income was down 26 percent to 86.1 billion yen (around $572 million) due to promotions in the third quarter ending on December 31st.
According to Sony, the company plans to emphasize profitability over unit sales as the console approaches its fourth birthday.
“Looking ahead, PS5 will enter the latter stage of its life cycle,” said Sony senior vice president Naomi Matsuoka in comments reported by Bloomberg.
For this reason, we expect the annual sales pace of PS5 hardware will start falling from the next fiscal year.” Sony added it has no plans to release “any new major existing franchise titles” in its next fiscal year.
Later this year, Microsoft is expected to release a refreshed Xbox Series S and a disc-less Xbox Series X codenamed Brooklin with double the amount of storage as its existing model, while Nintendo is also expected to release a follow-up to its seven year-old Switch console.
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