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When Will PS-5 Shortage will be over?

Sony's PlayStation 5 has been seemingly impossible to buy since its release last year, in part due to a chip shortage caused by the coronavirus pandemic. But according to Sony's CFO, the company has now secured enough chips to meet its production goal for the year.

During Sony's earnings call Wednesday, Chief Financial Officer Hiroki Totoki said the company has enough chips to hit its target of 14.8 million PS5s this fiscal year, according to Reuters. Sony said last week that it's sold 10 million PS5s since the console's launch nine months ago.

Wednesday's first-quarter earnings report showed a profit for the quarter of 280.1 billion yen ($2.57 billion), which is more than the 221.7 billion yen ($2.02 billion) Sony reported a year earlier, and the 207.96 billion yen ($1.89 billion) expected by analysts. Sony also confirmed in the report that the price point for the PS5 -- $399 for the digital edition and $499 for the standard -- was affecting its bottom line, because the company is selling the console for a loss for the past year, but it would start making a profit on the $499 consoles in the coming year.

Buying a PS5 has been tricky for gamers. PS5 restocks happen sporadically, and retailers have a limited number available for purchase, which sell out in minutes. Adding to the frustration is a growth in the number of scalpers using bots to purchase multiple consoles at once. Retailers have taken action to reduce bot sales, but that seems to have had little effect.

Tracking down a Nintendo Switch might be challenging as the holiday season approaches, the Japanese company's president warned on Thursday. Nintendo cut its Switch sales forecast for 2021 by 6%, CNBC reported, noting the production challenges created by the global chip shortage.

In the company's updated quarterly financial report, it dropped its estimate for shipped Switches from 25.5 million units to 24 million. It's sold 92.87 million Switches since the 2017 launch, bringing it closer to taking the Wii's crown as the company's top-selling console (at 101.63 million).