Sony jumps after hiking outlook and PlayStation expectations

hares were up 7% in Tokyo on Wednesday after slumping more than 30% this year prior to its latest earnings report.

The company said PlayStation 5 production went better than expected in the past quarter.

Sony shares had their biggest surge in seven months after the company said PlayStation 5 production went better than expected in the past quarter and it now aims to surpass its sales target for the fiscal year.

The Tokyo-based conglomerate also bumped its full-year operating profit forecast by 5%, largely on the weakness of the yen.