Sony Jumps After Hiking Outlook and PlayStation Expectations
- Company reported sluggish games sales, but improved production
- Aims to beat 18 million PS5s target this year, 23 million next
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Sony Group Corp. shares had their biggest surge in seven months after the company said PlayStation 5 production went better than expected in the past quarter and it now aims to surpass its sales target for the fiscal year.
The Tokyo-based conglomerate also bumped its full-year operating profit forecast by 5%, largely on the weakness of the yen. It reported sales of 2.75 trillion yen ($18.6 billion) in the three months ended September, 16% higher than the prior year, after getting a boost from its music streaming division. The company is now gearing up to beat its goal of 18 million PS5 sales this fiscal year and set a target of 23 million units for the next.