Sony jumps 5% after Hiking PlayStation Outlook

Sony jumps the most in three months after Hiking PlayStation Outlook.

In Friday morning trade, Sony Group Corp. jumped more than 5%, the most in almost three months, after it lifted its full-year profit outlook on PlayStation 5 console sales.

The momentum for building out the PS 5 ecosystem is growing, Chief Financial Officer Hiroki Totoki said on a call after the earnings Thursday.

Chip supply issues that had bogged down the PlayStation 5 console sales since its launch in 2020 have been averted, the company said earlier this week. The latest installment of Sony's popular franchise, God of War Ragnarok, comes with the addition of a better supply of the console.

Sony raised its operating profit forecast to 1.18 trillion $9.2 billion from 1.16 trillion. The key games division, aided by the tailwind of favorable exchange rates, nudged expectations higher. Sony now sees slightly less revenue for the year than previously.

The company, which supplies camera sensors used in Apple's iPhones, said that operating profit was 429 billion dollars in October-December, higher than the average analyst expectation of 369 billion. Totoki, the CFO who has led Sony's earnings briefings for years, will oversee global operations, taking up the positions of president and chief operating officer from April 1, the company said earlier.

Read more: Sony to promote Veteran CFO to Oversee Global Operations.