Sony's share price recorded the largest intraday increase since 2017. Previously, the company said that the output of PlayStation 5 in the last quarter was better than expected, and now its goal is to exceed the sales target of this fiscal year.

Sony also raised its full year operating profit forecast by 5%, mainly due to the weak yen. The company reported that sales in the three months ended September were 2.75 trillion yen (18.6 billion dollars), an increase of 16% over the same period last year, driven by its music streaming division. The company is now expected to exceed its sales target of 18 million PS5 units in this fiscal year and set a target of 23 million units for the next fiscal year.

Facts have proved that Sony's performance is better than expected, because the company's various businesses rely on strong consumer demand, which has subsided this year with the global economic downturn and the imminent potential recession. Chief Financial Officer Hiroki Totoki said that the game business is suffering from the combined impact of consumer appetite cooling and the global reopening after the pandemic, both of which have prompted people to stay away from games and other leisure consumption.

Nevertheless, the company said that it saw high user participation in the new games on the PlayStation platform and made a positive comment on its next Zhanshen game scheduled to be released next week as a catalyst for more sales. Totoki said that it assembled 6.5 million PS5 units in the last quarter, and the production speed was faster than expected.

Serkan Toto, an industry analyst at Kantan Games, said: "Considering that PlayStation did not launch a large game in this quarter, video games are a hot driven business. Although there are no blockbusters to drive growth in this quarter, Sony's performance is relatively good."

In the year when the global smartphone sales declined, especially in China, the world's largest mobile market, the depreciation of the yen helped the development of the image sensor business - because most of the production was completed in Japan and shipped overseas. Sony said that it saw a strong demand for high-end devices, which use more cameras and require more sensors for each unit sold.

Ryosuke Katsura and Hajime, analysts of SMBC Nikko, said: "This announcement has eliminated excessive concerns to some extent, because the mainstream view of the market recently is that the company will once again reduce its concerns about the slowdown of high-end models of major North American smartphone manufacturers."