Sony is discontinuing the popular PlayStation Portable device after a decade as gaming machines bite the dust in the rise of smartphones.

Reporting a $1.3 billion loss for the last fiscal year, Sony expects to stay in the red this year, struggling to keep up gaming device sales, The Associated Press reported. The Tokyo-based company has been promoting the newest version of the PlayStation Vita, a slimmer handheld device with improved battery that is also the PSP's successor.

Sony announced Tuesday that PSP shipments ended in North America in January. The company will cease shipping PSP devices in Japan this month and later this year in Europe, according to the AP.

Launching in December 2004, the PSP had sold more than 76 million devices as of two years ago, which is when sales figures were last reported.

Since Sony combines its numbers with the PSP's, sales figure for the Vita are not known; however, some analysts say the new device has not sold well.

GameSpot pointed out that the PSP held its popular standing for much longer than the digital-only PSP Go's entire lifespan. Sony launched the PSP Go in 2009 and discontinued it two years later. The PS Vita first launched in March 2012 and has recently been upgraded. 

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