Sony's Annual Outlook and PS5 Sales Impact Company's Stock and Revenue.
Sony's shares fell by 4.8% after the company's annual profit outlook for the current business year fell short of market expectations. The company projected a 3.2% profit decline to 1.17 trillion yen ($8.55 billion), missing analysts' average estimate of a 1.275 trillion yen profit, due to slow recovery in profitability in the videogame unit. However, Jefferies analyst Atul Goyal believes Sony's outlook is "overly conservative," and that its PlayStation 5 game consoles and game software are likely to benefit from pent-up demand.