$25 billion wiped off Sony (US.SNE) this year as chip crunch hits PlayStation 5, Microsoft competition heats up - 03 februarie 2022

Shares of the company are down about 13% since the beginning of the year with about $25.71 billion of value wiped off the company, according to Refinitiv data.

On Wednesday, Sony cut its full-year sales target for the PS5 from 14.8 million units to 11.5 million units. Sony sold 3.9 million PS5 consoles in the December quarter down from 4.5 million in the same quarter in 2020.

Sony, like many other consumer electronics companies and even automakers, is struggling with a global semiconductor shortage. While demand remains strong, Sony cannot produce enough consoles.