How much money is Sony losing on PS5?

Sony shares are down about 13% since the beginning of the year with about $25.71 billion of value wiped off the company, according to Refinitiv data. The Japanese giant cut its full-year sales target for the PS5 from from 14.8 million units to 11.5 million units as the global chip shortage has hit production.

cnbc.com - $25 billion wiped off Sony this year as chip crunch hits PlayStation 5 ...

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Revenue from mobile games accounts for more than half of the mobile gaming market. Sony is looking to diversify beyond consoles with its new dedicated PlayStation mobile gaming division. Mateusz Slodkowski | SOPA Images | LightRocket via Getty Images Sony has faced a challenging start to the year with the Japanese giant cutting its sales forecasts for its flagship PlayStation 5 console and facing a bigger challenge from rival Microsoft . Shares of the company are down about 13% since the beginning of the year with about $25.71 billion of value wiped off the company, according to Refinitiv data. On Wednesday, Sony cut its full-year sales target for the PS5 from 14.8 million units to 11.5 million units. Sony sold 3.9 million PS5 consoles in the December quarter down from 4.5 million in the same quarter in 2020. Sony, like many other consumer electronics companies and even automakers, is struggling with a global semiconductor shortage. While demand remains strong, Sony cannot produce enough consoles.

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"There is no demand issue whatsoever, only in the sense that demand is hopelessly above supply," said Serkan Toto, CEO of Tokyo-based consultancy Kantan Games. However, the downgrade prompted a 6% drop in Sony's Japan-listed shares on Thursday. Sony's gaming division posted revenue of 813.3 billion Japanese yen ($7.08 billion), a 8% year-on-year decline. The company also cut its sales forecast for the gaming division in its current fiscal year, which ends in March, by 170 billion yen to 2.73 trillion yen. "Sony didn't release any big games in Q3 (December quarter). The company shifted all its firepower to this year. The market once again overreacts, the swings in stock price are way too harsh," Toto said. Sony is not the only company struggling with console production. On Thursday, Nintendo cut its forecast for sales of its Switch console. Thursday's stock drop came despite Sony posting an overall rise in revenue and operating profit in the entire quarter which was buoyed by success of its "Spider-Man: No Way Home" movie and its image sensor business.

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What game console is most popular in 2022?

Sony's PlayStation 5 is ZDNet's top choice. With a futuristic look, it truly brings in next-gen style along with its next-gen internal components. But it's not the only console worth considering. We analyzed design, pricing, functionality and more to come up with the four best gaming consoles.

zdnet.com - The 4 best game consoles of 2022 - ZDNET

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