Sony profits up 87%, after revising sales forecasts after PS5 launch

TOKYO: Sony said on Wednesday its nine-month net profit rose 87% and revised its full-year forecast upwards after the launch of its PlayStation 5 console in November, as new lockdowns for the coronavirus boosted the gaming sector.

The Japanese tech giant said its net profit reached 1.1 trillion yen in the April-December period, up from 569.5 billion yen in the same period a year earlier, on sales of 6.8 trillion yen, up 4.1%.

Sony, which revised its annual forecast upward in the last quarter, raised its net profit forecast to 1.1 trillion yen for the fiscal year through March, from a previous estimate of 800 billion yen.

Full-year sales are now expected to be 8.8 trillion yen, compared to the 8.5 trillion yen expected in October.

The PlayStation 5 is hitting the shelves just days after Microsoft launched its new Xbox console, as it competes for the dominance of the holiday season alongside the already popular Nintendo Switch.

The gaming sector was among the few sectors to have thrived during the pandemic – people being forced to stay at home often resort to gaming for some escape from reality and pass the time.

While vaccines are now rolling out in many parts of the world, a new wave of infections is forcing many governments to re-lockdown, keeping the demand for home entertainment alive.

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