As part of its quarterly earnings report, Sony said that its next-generation PlayStation 5 video game console was still “on track” for 2020.
Sony reported a 57 percent drop in profits to $330.7 million on revenues of $16.35 billion in the quarter ending March 31. That latter figure represents an 18 percent drop, year over year, with Sony specifically blaming poor performance in its video gaming and electronics businesses.
Sign up for our new free newsletter to get three time-saving tips each Friday — and get free copies of Paul Thurrott's Windows 11 and Windows 10 Field Guides (normally $9.99) as a special welcome gift!
"*" indicates required fields
The timing is bad for Sony, which launched the PlayStation 4 seven years ago and desperately needs to move forward to a new generation of consoles because of falling sales. Lifetime sales of PS4 hit 110 million in the quarter, just 1.5 million more than the previous figure. It sold 2.6 million PS4 consoles in the same quarter a year ago. So all eyes are on the PS5.
“Regarding the launch of PlayStation 5, although factors such as employees working from home and restrictions on international travel have presented some challenges in regards to part of the testing process and the qualification of production lines, development is progressing with the launch of the console scheduled for the 2020 holiday season,” a Sony statement explains in belabored fashion. “[And] at this point in time major problems have not arisen in the game software development pipeline for Sony’s own first-party studios or its partners’ studios.”
Like many firms, Sony declined to provide a financial outlook given the uncertainty of the COVID-19 outbreak.