On Wednesday, Sony’s third-quarter operating profit for the October-December quarter jumped 20% to 359.2 billion yen from a year ago. Operating profit for the October-December quarter jumped to 359.2 billion yen ($3.42 billion), from 300 billion yen in the same period a year ago.
Japanese electronics and media giant Sony Corp raised its full-year profit outlook by one-third and said it was struggling to keep up with pandemic demand for the new PlayStation 5 amid a global shortage of semiconductors. Sony, which launched the PS5 in core markets in November, said on Wednesday it expected to sell more than 7.6 million consoles by end-March.
Chief Financial Officer of Sony Hiroki Totokoi said at a press briefing, “It is difficult for us to increase the production of the PS5 amid the shortage of semiconductors and other components”.
According to Refinitiv data, six analysts on average had expected a profit of just 179 billion yen.
The Refinitiv data also shows, Sony raised its forecast for operating profit in the 12 months through March 2021 to 940 billion yen from the 700 billion yen it previously expected. That prediction is well above an average 812.9 billion yen profit based on forecasts from 18 analysts.
Sony now expects 940 billion yen ($8.95 billion) in operating profit in the 12 months through March compared with the 700 billion yen it previously expected.
Historically better known for hardware like the Walkman music player and TVs, Sony has invested heavily in recent years in beefing up its entertainment content and distribution business.
