Sony targets 18 million PS5 consoles sales this year

Sony Group Corp has annouced it plans to sell 18 million PlayStation 5 consoles this business year.

The sales target was hinged a robust game sales that helped Sony more than double fourth-quarter operating profit.

Sony, however, warned that it could be forced to revise that production target if any new lockdowns in China to control the spread of COVID-19 make component procurement difficult.

Sony is using its popular PlayStation 5 games console to encourage online game downloads and sign-ups for subscription services.

Last business year it sold 11.5 million units as it struggled like other consumer electronic companies with COVID 19 supply chain disruptions.

The Japanese company is also expanding its software business. In February, Sony annouced the acquisition of Bungle Inc, the creator of the “Halo” videogame for $3.6 billion.

Sony’s profit for the three months to March 31 rose to 138.6 billion yen ($1.06 billion) from 66.5 billion yen a year earlier. It was, however, lower than an average 147 billion yen profit estimate.

Earnings at its gaming and network services business almost tripled in the quarter to 55.6 billion yen.

This business year Sony expects profits from the unit to fall 12% as it invests in game development and spends on acquisitions.

This business year, the Japanese company forecast operating profit to fall to 1.16 trillion yen from 1.2 trillion yen. That prediction is lower than a forecasted mean 1.21 trillion yen profit.