PS5 Sales Have Topped 25 Million, Yet Sony’s Gaming Profits Have Plunged 49% Due To Higher Costs

PS5 Sales Have Topped 25 Million: Sony said during its most recent financial results on Tuesday that it had supplied 25 million PlayStation 5 consoles. The company announced that during the fiscal second quarter ending September 30, 2022 (FY2022), it shipped 3.3 million PS5 units, which is the same number as it shipped during the corresponding quarter in 2021.

For the first half of FY2022, PS5 console sales were 5.7 million, which is well below Sony’s unchanging goal of 18 million by the end of its current fiscal year, which ends in March 2023.

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PS5 Sales Have Topped 25 Million

During a conference call with investors on Tuesday, Sony claimed PS5 sales were on track and the company was confident it could hit its 18 million unit sales goal. According to the corporation, 6.5 million game consoles were produced in the second quarter alone.

Revenues for Sony’s Game & Network Services segment were 720.7 billion ($4.88 billion), up 12% year-over-year and a record Q2 in terms of Japanese yen figures, but profits were 42.1 billion ($284.6 million), a considerable drop.

Sony stated that the fall in gaming profitability was the result of a rise in game production and acquisition costs (including the cost of purchasing Bungie) and the unfavorable impact of foreign exchange rates reflecting a high ratio of USD costs.

The recent price increases for PlayStation 5 hardware are being credited in part for the rise in gaming revenue. As a result of weaker-than-anticipated sales of third-party games, Sony’s Game & Network Services division lowered its full-year projection by 12%.

Sony’s overall profits climbed by 8% to 344 billion ($2.32 billion) thanks to the success of its music and image divisions, which more than made up for the gaming division’s reductions.

Sixty-two and a half million copies of the software were sold during the quarter, up from 47 and a half million copies sold in the previous quarter but less than the 76.4 million copies sold in the same period a year before.

The proportion of digital software to total quarterly game sales increased from 62% to 63%. The firm reported a decrease in PlayStation Plus subscriptions and PlayStation Network monthly active users for the second consecutive quarter (MAUs).

Thus, since the new and improved PlayStation Plus was released in June, approximately two million users have canceled their memberships. From 47.2 million a year ago and 47.3 million in the preceding quarter that concluded on June 30, 2022, the overall number of PlayStation Plus customers dropped to 45.4 million for Q2.

Sony’s Network services income, which includes PS Plus and advertising revenue, actually climbed by 10%, from 106 billion to 116 billion, possibly reflecting the uptake of the more expensive membership tiers launched by PS Plus.

The 102 million PSN MAUs are down from the 104 million PSN MAUs a year ago and the 103 million PSN MAUs in the prior quarter. From what we can tell, this is Sony’s lowest monthly active user count since it started providing this information in early 2020.

According to Sony, the aggregate number of individual accounts that engaged in PlayStation Network-related activity during the quarter’s final month is referred to as “monthly active users.”

Sony plans to deploy 23 million PlayStation 5 consoles in its next fiscal year, beginning in April 2023. This would make the PS5 more popular than the PS4 at the same point in its lifecycle. With its fiscal year ending in March 2022, Sony said in May that it had supplied 11.5 million PS5 consoles, falling short of its initial target of 14.8 million consoles by more than three million units.

The firm has stated that they anticipate selling roughly 18 million PS5 systems during the current fiscal year, which ends in March 2023. On Tuesday, the business reiterated its 18 million PS5 sales prediction for the current fiscal year during an earnings call.

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