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Sony raises its profit forecast ahead of the big debut of the PlayStation 5

Sony Corp. raised its operating profit forecast for the fiscal year by 13% to 700 billion yen ($ 6.7 billion) as the video game console boosted demand.

Sony is aiming to sell more than 7.6 million PS5 units by the end of March, more than the PS4 managed in its first fiscal year, said Chief Financial Officer Hiroki Totoki. The debut of the PlayStation 5 in November

Sony’s move highlights how the entertainment giant is taking advantage of the global consumer change of the Covid era. The Japanese company attracts gamers to its online services. Sony is betting that the PS5 will help it outperform the Nintendo Co. during all important holidays and stimulate growth.

“Sony will spend a lot of money to ship many units from the PlayStation 5 to the United States, probably by air,” said Ace Research Institute analyst Hideki Yasuda.

Sony Interactive Entertainment CEO Jim Ryan told Reuters that the company had sold as many PS5 units in the first 12 hours of the device as in the first 12 weeks of the PS4.

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 Junior Trader Mert Mustafa


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