Sony drops after disappointing PlayStation sales and outlook

Lower than expected sales of the PlayStation 5 due to supply chain problems and competition from Microsoft in the video game sector dealt a blow to Sony's stock, plunging 8.6% in value. — AP Photo/File

Sony Group Corp. fell as much as 8.6% in Tokyo on Thursday after cutting its PlayStation 5 sales forecast and announcing weaker-than-expected results from its gaming division over the holiday period.

The company slashed its fiscal-year outlook by more than 3 million units to 11.5 million PS5 sales and also warned that supply and logistics challenges will persist through 2022.