Sony Group plunged its most in two years after slashing projections for sales of the aging PlayStation 5 gaming console, underscoring a global electronics slump.
The shares fell as much as 8.4% in early Tokyo trading, the biggest intraday fall since February 2022. On Wednesday, Sony trimmed its revenue forecast after sales of its flagship PS5 in the December quarter came in roughly a million units lower than analysts’ estimates, at 8.2 million consoles. The company now expects to sell 21 million units for the fiscal year, down from the previous forecast for 25 million units.
Sony now plans to partially spin off its financial services unit in October 2025 as part of a plan to focus on the growth of businesses such as entertainment and image sensors. The move will reverse a $3.7 billion take-private deal concluded in 2020. It plans to distribute just over 80% of its shares in the financial unit known as SFGI to Sony shareholders through dividends in kind, and to hold slightly less than 20% after the spinoff.