Sony to sell 18 Million PS5 consoles
By MYBRANDBOOK
Sony Group Corp is planning to sell 18 million PlayStation 5 consoles this business year as robust game sales helped it more than double fourth-quarter operating profit.
However, the company warned that it could be forced to revise that production target if any new lockdowns in China to control the spread of COVID-19 make component procurement difficult. Last business year, it sold 11.5 million units as it struggled with COVID 19 supply chain disruptions.
Sony is using its popular PlayStation 5 games console to encourage online game downloads and sign-ups for subscription services. In a shift away from traditional hardware such as TVs, the company is also expanding its software business by recently acquiring Bungle Inc, the creator of the “Halo” video game for $3.6 billion.
Sony also announced that it will buy up to 200 billion of its own shares over the next twelve months to avoid dilution of its shares from stock option compensation plans. Sony expects profits from the unit to fall 12% as it invests in game development and spends on acquisitions this business year.
The company’s profit rose to 138.6 billion yen for the three months to March 31, from 66.5 billion yen a year earlier. Earnings were also boosted by movie unit profits from the success of the “Spider-Man: No Way Home” movie.
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