Sony ups profit, sales forecasts after PlayStation 5 launch

Sony ups profit, sales forecasts after PlayStation 5 launch

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Tokyo: Sony said that due to the new coronavirus lockdown, which promoted the development of the gaming industry, after the launch of the PlayStation 5 console in November, net profit increased by 87% in nine months and raised its forecast for the whole year.

The Japanese technology giant said its net profit from April to December reached 1.1 trillion yen (10 billion U.S. dollars), up from 569.5 billion yen in the same period last year, with sales of 6.8 trillion yen, an increase of 4.1%.

After raising its annual forecast last quarter, Sony further raised its net profit forecast from 800 billion yen to 1.1 trillion yen as of March.

The current full-year sales are expected to be 8.8 trillion yen, while the October forecast is 8.5 trillion yen.

A few days after the launch of Microsoft’s new Xbox, PlayStation 5 hit the shelves, competing with the already popular Nintendo Switch for holiday dominance.

The gaming industry has always been one of the few booming industries during the pandemic-people are forced to stay at home and often turn to games to escape reality and kill time.

Although vaccines are now being introduced in many parts of the world, a new wave of infections has forced some governments to resume the lockdown and maintain the demand for home entertainment.

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