Sony shares witnessed the largest decline in value in two years after announcing its latest financial results

Sony announced its financial results for the last fiscal quarter, and PlayStation 5 sales were lower than expected, as the company expected last year that sales of the device would increase during the holiday period due to the release of Marvel’s Spider-man 2 and that the platform would achieve sales of up to 25 million units sold by March 2024. , but Sony is expected to miss that goal by 4 million units given current numbers.

The company also announced that there will be no releases of major first-party games in the entire next fiscal year, in addition to its expectation that sales of first-party games will witness a slower pace.

As a result of this financial report, Sony shares lost 8.4% of their market value, and this was the largest fall in one day in the company’s history.

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