Sony Group Corp SONY aims to achieve an ambitious sales target for the PlayStation 5 by implementing promotions and other strategies during this financial year.
The Tokyo-based company's goal is to sell 25 million PS5s this financial year — a record for PlayStation consoles, IGN reported.
In the first quarter of 2023, Sony sold 3.3 million PS5 units, surpassing the previous year's 2.4 million but falling short of expectations. While the PS5 has sold a total of 40 million units since its launch in November 2020, it slightly trails the PlayStation 4's sales trajectory.
See Also: Project Q Leak - Sony's PlayStation Handheld Surprises Gamers With Weird Design
The Japanese company plans to employ various measures to boost sales momentum, such as the promotions that began in Europe in July and started this week in the US.
"We believe that there is ample possibility for us to catch up," Sony president Hiroki Totoki said, as per Reuters.
The PlayStation business maintains strong financial performance, with sales up by 28% to 771.9 billion yen ($5.3 billion) in the last quarter, driven by higher third-party game and hardware sales, along with foreign exchange effects.
However, operating income dropped 7% to 49.2 billion yen ($343 million) due to increased costs from Sony's acquisition of Bungie for $3.6 billion.
Moreover, Sony revised its PlayStation sales forecast for the year by 7% to 4.1 trillion yen ($29.1 billion), while keeping operating income unchanged, citing lower profitability of PS5 hardware due to changing promotional strategies and sales channel mix.
Photo by Caspar Camille Rubin on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
