Despite the PS5 shortage, Sony’s gaming business drives full-year revenues to $81.7 billion.
Since the PlayStation 5 launched in November last year, gamers are still having a tough time getting their hands on one. Due to the pandemic and also those nasty scalpers, there’s been a huge shortage leading to many unhappy customers.
On the flip side of that coin, Sony has a reason to celebrate. In the company’s newly released financial reports, it shows that Sony’s Games and Network Services section has accumulated revenues of around $25 billion, and profits of around $3.2 billion for the fiscal year ended March 31, 2021.
It’s worth taking note that these numbers are significantly higher than that of Sony’s last financial performance for the PS4 and that is mostly put down to an increase in software sales, PlayStation Plus, DLC’s and of course, the launch of the PS5.
The release of some huge titles like The Last of Us 2 and Ghost of Tsushima would have driven those figures up as well.
Daniel Ahmad who is a Niko Partners analyst showcased the results on Twitter in the form of a graph that sheds light on Sony’s successful year.
Among the rise for Sony, they also lost profits in what the company state as a “strategic price points for PS5 hardware that were set lower than the manufacturing costs”.
Sony also began to lose cash because of the “increase in selling, general and administrative expenses related to the launch of PS5” which is to be to be anticipated at a period the company are going through some huge changes but thankfully, managed to stabilise themselves by gaining profit from games and subscriptions.