PS5 SALES TANK 46% AS SONY PUSHES PRICES TO $649.99

The console maker attributed the increases to "continued pressures in the global economic landscape," citing a memory component crisis and geopolitical tensions including the war in Iran. Sony raised PS5 prices in March, the second hike within a year. The company had previously increased prices in 2022 amid similar supply chain challenges. The declining sales figures signal consumer resistance to higher prices during an economic slowdown. Gaming hardware sales have slowed industry-wide as players hold onto existing consoles longer and shift spending toward software and services. Sony has not released updated guidance on annual gaming revenue, though the Q4 results suggest the division faces headwinds ahead. The company continues to navigate supply constraints while managing customer expectations around pricing in a cost-conscious market.