Sony has reported its net income for 2020 grew 101 per cent to $10.7 billion buoyed mainly by strong sales in its gaming arm.
The tech giant also announced operating income growth of 15 per cent to $8.9 billion with total sales rising nine per cent to $82.5 billion.
However, despite positive fiscal growth, investors were left disappointed at the the company’s quarterly operating profit, considering figures a let-down.
The biggest winner for the entertainment company however was its gaming division, with Sony selling 3.3 million PlayStation 5 consoles in the fourth quarter which concluded in March.
This figure means a total of 7.8 million units were sold for the fiscal year, selling at a faster rate that its predecessor, the PS4.
The pandemic has disrupted the chip manufacturing industry drastically in the last year with carmakers and even toaster manufacturers amongst those industries facing shortages.
The worldwide shortage of essential microchips has led to customers of United Microelectronics Corporation (UMC), the fourth largest contract chipmaker in the world, being supplied old chip technology to try and slow the shortage.
Chip shortages could last for up to another two years while manufacturers recover from setbacks caused by the pandemic according to experts.
“We think we’ve got another six months to get through the short term,” Cisco chief executive Chuck Robbins told the BBC.
“The providers are building out more capacity. And that’ll get better and better over the next 12 to 18 months.”
Sony will be hoping to see numbers climb even further in the first interim period of 2021 after the release of its PS5 in China, with consumers able to pre-order the console today, months after the initial release worldwide.
Games console releases in China are tightly controlled after a 14 year ban on consoles was lifted in 2014, culminating in PC and mobile gaming being the most common modes of gaming for Chinese consumers.
It remains to be seen as to whether chip shortages will affect the console’s release in China.
Sony’s main rival Microsoft also saw positive numbers in their latest trading statement, seeing sales in the period ending March 31 rose to $41.7 billion, beating analysts predictions by £600 million.
Microsoft’s success can be put down to growing interest in its cloud-based services as well as an increase in demand for personal PC’s during lockdown’s, the former seeing a sales increase for the fiscal third quarter rise 33 per cent to $17.7 billion.