HomeIndustriesSony Profit Falls on Weaker Chip Sales

Sony Profit Falls on Weaker Chip Sales

Sony reported its third-quarter earnings on Thursday, with its operating profit falling 29% to 263 billion yen ($1.74 billion). This missed estimates of a 306 billion yen profit from 10 analysts polled by LSEG.

This slump appeared to mostly stem from a 38% decline in profit in the company’s chip division, resulting from higher expenses and weaker image sensor sales. Still, the company was able to hit its sales target of 25 million PlayStation 5 (PS5) consoles for the entire financial year. 4.9 million units were sold in the quarter, bringing this year’s total sales to 8.2 million units.

In response to its strong PS5 sales, Sony upped its full-year sales forecast by almost 5% to 190 billion yen. The company has maintained its full-year operating profit outlook of 1.17 trillion yen while raising its sales and net income forecast by 2% each.

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