economy
Sony targets double-digit profit growth despite slowdown in PlayStation 5 sales amid memory price crunch
While hardware sales took a hit in Sony's fourth-quarter, strong revenue from its image sensing and music businesses offset the dip.
TL;DR
- Sony expects annual profit to rise by 13% to 1.16 trillion yen in the upcoming financial year.
- Revenue from image sensor and music businesses bolstered fourth-quarter results, offsetting a decline in hardware sales.
- PlayStation 5 unit sales fell to 1.5 million in the fourth quarter, down from 2.8 million a year prior.
- Sony faces challenges due to a surge in memory prices, impacting PS5 production.
- The company announced plans to buy back up to 500 billion yen in shares.
- Fourth-quarter operating profit fell below expectations due to losses from a scrapped EV venture and impairments from the Bungie acquisition.
- Sony forecasts a slight drop in revenue for the upcoming financial year.