Sony Revenues Soar 33 Percent, with PS5 Sales Up 38 Percent

Sony revenues soared 33 percent in the previous quarter, with PlayStation 5 sales up 38 percent year-over-year (YOY) to 3.3 million units. Sony now expects to sell 25 million PS5s in its current fiscal year, which ends March 30, 2024.

Sony reported an operating profit of $1.77 billion on revenues of $20.7 billion in the quarter ending June 30, 2023. (Its operating profit actually fell 31 percent, but that was attributed to Sony’s financial services and movies businesses.)

Sony’s Game & Network Services remains its biggest business, with $5.4 billion in revenues, a gain of 28 percent YOY. Sony attributed this “significant increase” to improved third-party game title sales, PS5 hardware sales, and the impact of foreign exchange rates. The firm had previously announced that it has now sold over 50 million PS5s since its November 2022 launch and that the supply chain issues that had previously caused component shortages are now over.

Sony’s three biggest other businesses by revenue are Financial Services (including life insurance; $4.75 billion, up 215 percent), Entertainment, Technology & Services (digital cameras, smartphones, and TVs; $4 billion, up 4 percent), and Music ($2.5 billion, up 16 percent). And in addition to selling its own smartphones, Sony is the leading seller of camera sensors to many other hardware makers, and it unfortunately no longer sees an industry recovery this year. Instead, Sony now believes that the smartphone market will not recover until 2024 at the earliest.

“We expected the smartphone market to start recovering from the second half of this fiscal year, but now we don’t see that happening until at least the next year,” Sony senior general manager Sadahiko Hayakawa said.