Sony Group offered a conservative profit outlook for the current fiscal year, warning about the impact of the global consumer spending slump on its electronics and entertainment businesses.

The Tokyo-based firm said it expects operating income of ¥1.17 trillion ($8.7 billion) in the year ending March 2024, below average analyst estimates of ¥1.27 trillion. This was largely down to its PlayStation division, where Sony’s guidance fell short of consensus and the company said it expects fewer sales of PlayStation Studios games this fiscal year.

Sales of Sony’s flagship PlayStation 5 console reached 6.3 million in the quarter to March, more than tripling the supply-constrained numbers from the same period last year and showing Sony is finally able to distribute the hardware at scale. The company aims to sell 25 million units in the current year, President and Chief Operating Officer Hiroki Totoki said on a call Friday. But he cautioned that consumer electronics demand is likely to remain weak amid the wider economic slowdown.