Sony raises outlook, but battles PS5 shortage

PlayStation 5-maker Sony raised its full-year profit outlook by one-third on Wednesday (February 3).

Like some other gaming giants, the Japanese firm has gained as lockdowns cause people to look for home entertainment.

Sony now projects just over $8.9 billion in operating profit in the 12 months through March - well up on the $6.6 billion or so that it previously expected.

The PS5 was launched in November, and by the end of March Sony said it expected to sell more than 7.6 million of the devices, which cost as much as $500.

The console is expected to further drive gamers to online downloads and subscription services, which could boost the profitability of Sony's gaming unit.

And such is the popularity of the PS5, Sony has struggled to keep up with demand.

The firm blamed a chip shortage that has hurt businesses ranging from car companies to smartphone makers.

In other businesses, Sony said it had resumed some shipments of sensors to customers in China from late November.

Sony had worried about U.S. restrictions on sales of chips using U.S. technology to Chinese smartphone maker Huawei.

In November, though, Huawei revealed plans to sell its budget brand Honor.

After the spin-off, Honor last month said it had signed deals with chip suppliers and component makers, including Sony.