The PlayStation 4 has sold 5.3 million units, outperforming Sony's expectations for the console for the 2014 financial year, IGN reported.

Sony had stated that the company's sales goal for the 2013 financial year—which ends March 31, 2014—was to sell 5 million PlayStation 4 units, and now with weeks to spare and one of the biggest markets in the world about to receive the console it looks as though Sony will absolutely shatter their goals for their newest console.

The latest sales figures for the Xbox One indicate that the console has sold 3 million units by the end of 2013. In addition, the report of the sales of both consoles for January by the NPD Group indicated that the PlayStation 4 outsold the Xbox One during that month as well. Indeed, some reports have indicated that sales of the PlayStation 4 nearly doubled those of the Xbox One in January, though exact numbers were not revealed by the NPD Group.

What also makes this announcement even more amazing is that the PlayStation 4 has suffered from supply shortages since launch, making it harder for consumers to buy in stores. The PlayStation 4 has frequently been sold out at different retailers in both the United States and internationally, which makes this sales announcement even more stunning.

With Sony reaping the rewards of the PlayStation 4 and several big name titles coming during 2014, it looks as though the console will be a big hit during the first year the console is available. With Infamous: Second Son, Final Fantasy 14: A Realm Reborn, and Destiny coming in 2014 it would not be surprising to see Sony dominate the competition throughout the rest of the year.

Of course, Sony will face increased competition soon. With the Xbox One still selling steadily and Titanfall being released as an exclusive for Microsoft, consoles sales may pick up. The first round of Steam Machines are also slated to appear sometime in 2014, and the highly anticipated systems may pose a challenge to the PlayStation 4 with their ability to take Steam to the living room.