Sony sold 2 million PS5 units in the fourth quarter, bringing its total to 19.3 million. The same quarter last year it sold 3.3 million units. The company sold 70.5 million PS4/PS5 titles, compared to 61.4 million a year ago, with 14.5 million first party games.

The Game and Network Services (GSN) division earned 665 billion Japanese dollars, up slightly over last year. Sales were flat for the full year, and profits were little changed.

The PS5 has sold 3.1 million fewer units than the PS4 at the same point in time, meaning that it is falling even further behind. Sony blamed the lack of sales on the ongoing chip shortage and warned that this would happen.

Sony expects things to perk up quickly. The forecast is for a 34 percent increase in sales next quarter due to better parts supply and higher sales of third-party games. In June, Sony will launch PS Plus Extra and Premium. The new tiers could help draw subscribers next quarter and beyond.