Sony’s latest financial report shows a drop in PlayStation 5 sales compared to last year. The company sold 2.4 million PS5 units in the first quarter of the 2024 financial year, down from 3.3 million units during the same period last year. Despite this decrease, the PS5 has still achieved an impressive total of 61.7 million units sold since its launch in 2020.

According to IGN, this dip in sales wasn’t entirely surprising. Sony had already lowered its PS5 sales target for this financial year to 18 million units, down from last year’s target of 21 million. Originally, Sony had aimed to sell 25 million units, but ended up selling 20.8 million units.

But it’s not all bad news for Sony. The company’s operating profit increased by 10% in the first fiscal quarter compared to the same period last year, exceeding analysts’ expectations. A major contributor to this success was Sony’s music division, which saw a boost from the release of R&B star Beyonce’s new album, “Cowboy Carter.”

Sony’s gaming division also saw revenue growth, with earnings reaching 864.9 billion yen for the quarter, a 12% increase from 771.9 billion yen the previous year. This was largely driven by higher sales of first-party game titles and network services, especially the PlayStation Plus subscription.

The number of monthly active users, a key measure of audience engagement, also rose to 116 million, up from 108 million in the same quarter last year.

Looking ahead, Sony has raised its revenue forecast by 2% to 12.6 billion yen for the full year 2024 and increased its operating profit forecast by 3% to 1.3 trillion yen. The company’s strong performance in gaming, music, and imaging chips has helped balance the decline in PS5 sales.