Sony Reports Q1 Profit Dip Due to Gaming Acquisition Costs

Sony Group’s Q1 net profit stands at 217 billion yen ($1.52 billion), down 16.7% YoY, attributed to the acquisition of U.S. gaming firm Bungie. A third of the acquisition cost is set for employee retention expenses, impacting the April-June period. The group has acquired nine overseas game studios, leading to increased costs for game development talent. The profit forecast for FY2024 is 860 billion yen, down 14.5% from last year, but an improvement from April estimates. Sony sold 3.3 million PlayStation 5 units, falling short of the annual target of 25 million.