Sony noted a decrease in demand for games for consoles

The Sony Group Corporation provided a conservative earnings forecast for the current fiscal year and warned of the impact of the slowdown in global consumer spending on purchases in the electronics and entertainment industries. It is reported by Bloomberg.

The Tokyo-based company expects an operating profit of 1.17 trillion yen (686.5 billion rubles) for the year ending March 2024. This is below average analyst forecasts of 1.27 trillion yen (745.1 billion rubles). The decrease in demand from users is mainly due to the PlayStation division, where Sony’s forecast was below consensus. The company noted that they expect sales of games from PlayStation Studios to decline this fiscal year.

In the quarter to March, sales of Sony’s flagship PlayStation 5 console reached 6.3 million units. This figure was three times higher than sales for the same period last year and showed that Sony can start scaling the production of equipment.

Sony President and COO Hiroki Totoki said Sony plans to sell 25 million consoles this year. At the same time, he warned that demand for consumer electronics is likely to remain weak amid the overall economic slowdown.

Earlier it was reported that Sony increased the supply of the PlayStation 5, hindering the business of resellers. As a result, resellers began to sell devices at a loss.