Sony forecasts record profit after PlayStation 5 launch

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Tokyo

Sony said Wednesday it expects a record net profit this financial year, as fresh virus lockdowns continue to boost demand for games and consoles, including the recently released PlayStation 5.

Although the pandemic has hit many industries hard, the gaming sector has been one of the few to experience an unprecedented boom, with people seeking entertainment at home during successive rounds of restrictions.

The Japanese tech giant said net profit jumped 87 percent in April-December from the same period earlier, to 1.1 trillion yen ($10 billion). Sony’s strong results led the firm to revise its full-year sales and profits forecasts upwards on the back of “higher-than-expected sales in all segments except for the pictures (movies) segment,” it said..—Agencies