Sony posts slight financial decline for Q1 2022

Weaker PlayStation game sales have forced Sony to cut its profit forecast by a significant chunk.

You'd think that the launch of exclusive titles such as Horizon: Forbidden West and Gran Turismo 7 as well as Uncharted: Legacy of Thieves, would have allowed Sony to buck trends and continue posting higher sales figures for 2022, but this isn't the case.

Aloy's follow-up outing wasn't quite enough to make for the dearth in PS5 stocks and exclusives.

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According to Reuters, video game software sales dropped by 26 percent. Sony revealed in a recent investor call that the "lack" of exclusive PlayStation games is part of the reason for the decline.

In addition, Sony pointed out that gamers are spending less time playing video games now that the brunt of the COVID-19 pandemic has passed. Sony backed up its claim by reporting that PlayStation Network users dropped by 3 percent last quarter. Furthermore, Sony is expecting another slide next quarter. Because of recent developments, Sony has now adjusted its annual profit forecast by 16 percent.

Gran Turismo 7's botched launch probably didn't help Sony's case at all.

For what it's worth, the lower Playstation game sales figures are part of an overall decrease following a huge surge due to the COVID-19 pandemic. Both Microsoft and Sony expect to post lower gaming revenues next quarter.

We don't expect the current trend of PlayStation game sales to continue. This quarter does not have a lot going when it comes to exclusives, but things are looking up. The Last of Us Part 1 remake and God of War: Ragnarok are expected to hit store shelves on September 2 and November 9, respectively.

Sony posts slight financial decline for Q1 2022#PlayStation4 #PlayStation5 #Sony

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You can also add the PC ports of Marvel's Spider-Man as well as Marvel's Spider-Man: Miles Morales and Uncharted: Legacy of Thieves, Returnal, and Last of Us Part 1.

If Sony can cram the aforementioned titles in Q3 and have more in store for fans in Q4 like Forspoken, then PlayStation game sales should trend upwards in no time.

We're curious if Sony still thinks it can sell at least $300 million of its PC ports by March 2023.

Speaking of upwards, Sony didn't talk much about the launch of the new PS Plus tiers. Most likely, we won't know the full impact of the new revamped PS Plus until the next quarter or two.

In the meantime, PlayStation owners can keep themselves busy with a smorgasbord of the Yakuza games that are headed to PS Plus Extra and Premium tiers. Meanwhile, the new PS Plus free games lineup will be available on August 2.

Ray Ampoloquio
Ray is a lifelong gamer with a nose for keeping up with the latest news in and out of the gaming industry. When he's not reading, writing, editing, and playing video games, he builds and repairs computers in his spare time. You can find Ray on Twitter.
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