Sony shares jump 9% after profit forecast hike

Shares in Sony Group Corp leapt 9 per cent on Wednesday morning after the entertainment conglomerate hiked its full-year profit forecast in contrast to lacklustre projections by many peers.

Sony reported that it produced more than 6.5 million PlayStation 5 (PS5) units during the second quarter ahead of the year-end shopping season, signalling that supply chain snarls that have hampered the games business are easing.

The value of inventory at Sony’s games unit surged to 412.5 billion yen ($2.79 billion) in the second quarter, versus 146.2 billion yen three months earlier.