Sony achieved record quarterly profit in the crucial December quarter, thanks to a boost from its PlayStation game business and financial services sector, which includes the holiday season.

The success of Sony’s gaming division has been attributed to consumers’ continued purchase of the flagship PlayStation 5. Sony’s flagship PlayStation 5 console sold 8.2 million units during the third quarter of its fiscal year, which runs from October to December.

The Japanese tech giant’s PS5, which debuted three years ago, has been the top option for console gamers. The business has previously stated that it hopes to sell 25 million PS5 systems by the end of the fiscal year in March.

In the December quarter, Sony’s gaming division had sales of 1.4 trillion yen, an increase of 16% year over year. Nonetheless, the division’s operating profit decreased by 26% as a result of a rise in hardware losses brought on by period promotions and a drop in first-party game sales.
Additionally, Sony lowered its fiscal year sales projection for the gaming segment by 210 billion yen to 4.15 trillion yen, citing a decline in hardware sales.

Sony’s fiscal third-quarter results were significantly better than analysts had predicted. Nevertheless, citing lower hardware sales, the Japanese tech giant lowered its sales projection for the gaming segment for the entire fiscal year.

In the meantime, Sony has agreed to pay the star’s estate for half of Michael Jackson’s catalog, making this probably the largest-ever deal for a single musician’s output. According to reports, the acquisition values Jackson’s holdings at at least $1.2 billion.