Why Sony stopped PSP?

Could you elaborate on the reasons behind Sony's decision to discontinue the PlayStation Portable, or PSP? Was it due to declining sales, shifting consumer preferences towards mobile gaming, or perhaps the emergence of more advanced handheld gaming devices on the market? Did the company see the writing on the wall and decide to focus their efforts on other projects, or were there other factors at play? It's intriguing to ponder the strategic considerations that led to this decision, and how it may have impacted the gaming industry as a whole.