PlayStation achieves new record-breaking Q1 with $5.36 billion sales

Sony's PlayStation games division delivered record-breaking revenues by generating over $5.3 billion in Q1 net sales, but operating income slipped.

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Sony's PlayStation games division kicks off a new fiscal year by breaking a new sales milestone.

PlayStation achieves new record-breaking Q1 with $5.36 billion sales 53

Sony just reported its Q1 FY23 earnings results, and PlayStation gaming has grown to new record levels. The company managed to set a new all-time Q1 sales record by delivering $5.634 billion in sales revenues for the period on a converted yen to USD basis. Q1'23 does not make an exceptionally high record, though, and only beats the previous high Q1 periods (Q1'20 and Q1'21) by about $6-10 million.

The Q1 growth was much more pronounced in yen, where Sony recorded a +28% increase in net sales (thanks partly to a +40.6 billion yen impact).

PlayStation achieves new record-breaking Q1 with $5.36 billion sales 2

The new sales achievement was driven by a combination of segments, including hardware, add-on microtransaction content, $900 million from network services (PlayStation Plus subscriptions), and stable game sales.

In the company's Q1'24 briefing to investors, Sony Corp's Hiroki Totoki explains the growth was driven by a number of factors including non first-party game sales, add-on content (microtransactions, in-game spending, DLC, etc), boosted hardware sales, and on a yen basis, favorable foreign exchange rates.

Primarily due to the release of appealing third-party software and the expansion of PS5 penetration, software sales for the quarter reached 406.2 billion yen, a significant 27% increase year-on-year. While there was also a positive impact from exchange rates, this was 14% higher than the first quarter of the fiscal year ended March 31, 2022, when there was still stay-at-home demand.

For the entire Fiscal Year 2023 period, Sony expects the PlayStation games segment to make 4.170 trillion yen in sales, or around $32 billion...which is an astronomically high amount.

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Derek joined the TweakTown team in 2015 and has since reviewed and played 1000s of hours of new games. Derek is absorbed with the intersection of technology and gaming, and is always looking forward to new advancements. With over six years in games journalism under his belt, Derek aims to further engage the gaming sector while taking a peek under the tech that powers it. He hopes to one day explore the stars in No Man's Sky with the magic of VR.

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