Sony plans to launch PS5 on time

Financial forecasts and the coronavirus pandemic are impacting all parts of Sony's business, but the PlayStation 5 console will be released as scheduled.

Sony said on Wednesday as part of an earnings report that there is no reason to delay the public release of its latest gaming console as it navigates challenges with the supply chain and manages production challenges.

"Development is progressing with the launch of the console scheduled for the 2020 holiday season," Sony said on Wednesday.

Nintendo warned Switch users that production and release of games could be delayed.

XBox Series X is also due for a 2020 release. Microsoft's Phil Spencer said in April that the company hadn't considered a "plan B" and would release the console if all elements are deemed ready.

Analysts have projected the price of PS5 will be in the range of $470 to $499 due to the "massive generational leap" incorporated in the hardware and software.

A premium model could sell for $650.