Sony Group Corporation (SONY) published its 2023 financial year report on Tuesday, 14 May 2024, and indicated a 7% plunge in annual operating profits over this period.
Sony’s Annual Operating Profits Drop 7%
The company attributed this drop to a decrease in its financial services segment and PlayStation 5 sales that missed the target. Despite this slide, Sony reported FY 2023 revenue of 13tn JPY, a 19% year-on-year increase.
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Sales for the PlayStation 5 gaming console did not meet the revised benchmark. The Japanese gaming giant sold 20.8 million units, instead of the estimated 21 million units, in the 2023 fiscal year. Earlier, Sony forecasts expected PlayStation 5 sales of 25 million units. For the financial period ending 31 March 2025, the organisation foresees PlayStation 5 sales of 18 million units.
The release of the 2023 FY financial report closely followed an announcement about some restructuring changes in the company. Effective 1 June 2024, Hideaki Nishino moves into the role of CEO of Sony Interactive Entertainment (SIE) Platform Business Group and Hermen Hulst takes over as the CEO of SIE’s Studio Business Group.
