Sony Increases Profits and Sales Forecasts After PlayStation 5 Launch

Sony said on Wednesday that nine-month net earnings rose 87 percent and revised the forecasts for the full year following the November launch of its PlayStation 5 console, as new coronavirus crashes boost the gaming industry.

Sony game

The Japanese tech giant said net profits reached 1.1 trillion yen ($ 10 billion) for April-December, down from 569.5 billion yen in the same period a year earlier, with sales of 6 , 8 trillion yen, an increase of 4.1 percent.

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

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Sales for the full year are now projected at 8.8 trillion yen, compared with the 8.5 trillion yen forecast in October.

PlayStation 5 hit stores just days after the launch of Microsoft's new Xbox, vying for dominance of the holiday season alongside the already wildly popular Nintendo Switch.

The gaming industry has been one of the few that has thrived during the pandemic, as people forced to stay at home often turn to games to escape and pass the time.

While vaccines are now being rolled out in many parts of the world, a new wave of infections is forcing several governments to reset lockdowns, keeping demand for home entertainment.

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