As it was announced this week, Sony sold 7.1 million PlayStation 5 gaming consoles last quarter, which is quite a successful result for a device launched two years ago. The company was so excited by the quarter’s results that it raised its full-year forecast for PlayStation 5 shipments to 19 million units from 18. This, in turn, contributed to the 5% increase in the company’s share price.
After Bloomberg, Sony stock hasn’t risen that much in price in almost three months. Chief Financial Officer Hiroki Totoki, who is expected to lead Sony as president from April, said the conditions are conducive to growth in production volume of this generation’s PlayStation 5 consoles – a million more than expected last fall.
Since 2020, this generation of consoles has been suffering from a lack of components, but this is now affecting production volumes to a lesser extent. In fact, Sony only sold about 2 million PlayStation 5 consoles in the first and fourth quarters of fiscal 2021 and the first quarter of fiscal 2022, but it already managed to sell almost 4 million consoles in the third quarter of fiscal 2021. A year later, shipments exceeded 7.1 million units, which can equally indicate the popularity of this gaming platform and the improving situation with the availability of components for its production.
Sony shares rose more than 5% the night before, although such momentum hasn’t been seen in nearly three months.