Sony Is Reducing Investment Budget And Allocating More Funds To Fuel Its PlayStation Gaming Business

Sony Interactive Entertainment has revealed during its latest financial report that it will be reducing its investment budget and allocating more cash into its PlayStation gaming division.The hardware manufacturer recently celebrate a record year for its PlayStation hardware business, having pulled in a whopping $27 billion dollars during fiscal year 2022. The PS5 was the main bread winner in this respect, having now shipped over 38 million units worldwide and is now expected to move an additional 25 million during the upcoming fiscal year.As part of its financial forecast, Sony is reducing capital allocation for strategy investment from two trillion yen ($14.6 billion) to 1.8 billion yen (around $13.04 billion). Hiromi Totoki, President of Sony Corp., commented:In terms of strategic investment, since we decided to increase working capital and capital expenditures, and in consideration of the current M&A market environment, we decided to reduce the amount from the initial plan of 2 trillion yen to 1.8 trillion yen.Related Content – Sony PS5 Complete Guide – Everything Explained About PlayStation 5 For New Owners In 2023Sony reportedly had around $5.1 billion allocated for investments and acquisitions, and its new outlook for the financial year indicates that its remaining budget is around $3.64 billion. The console maker has made significant investments the past few years by acquiring a number of key video game studios, the most recent being Firewalk Studios.[Source – TweakTown]



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