Sony’s PS5 sales plummet amid price rises and a memory crisis

Sony sold just 1. 5 million PS5 consoles in its most recent fourth fiscal quarter, down 46 percent year over year. The slump in PS5 sales comes after Sony raised the price of its PS5 consoles twice over the past year, pushing the price of the regular PS5 from $499. 99 all the way up to $649. 99.

Sony blamed "continued pressures in the global economic landscape," for the price hikes in March, amid an ongoing memory crisis and pressure from the war in Iran. Sony now forecasts that annual gaming revenue will drop 6 percent, but these forecasts could be impacted by ongoing memory costs.