This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sony Announces 1 Million PS4's Sold on First Day

NEW YORK ( TheStreet) -- Sony (SNE - Get Report) declared its brand new PlayStation 4 is a big hit so far. The next-generation gaming console reportedly sold more than 1 million units in the first twenty-four hours after its New York launch last Friday.  

Sony shares were advancing nearly 2.5% to $18.96 in early New York trading.

Andrew House, President and Group CEO of Sony's Computer Entertainment division says "Sales remain very strong in North America, and we expect continued enthusiasm as we launch the PlayStation 4 in Europe and Latin America on November 29. We are extremely grateful for the passion of PlayStation fans and thank them for their continued support."

The PlayStation 4 is now Sony's quickest selling game console even beating the record set by Japanese fans when the PlayStation 2 was first released in March, 2000. Sony has said that it hopes to sell at least five millions PS4s worldwide before the end of its fiscal year in March.

Sony began rolling-out its new console in two markets - the United States and Canada. The unit, which has a suggested retail price of $399.99, features an eight-core, 64-bit Advanced Micro Devices (AMD) processor, a newly designed Radeon graphics chip, 8 GB of memory and the upgraded "Dual Shock 4" controller.

Initial reviews of the PS4 have largely been very positive, but a number of early adopters have reported problems. Amazon.com (AMZN) lists the PS4 as its "#1 Best Seller" but a check of the user reviews at the bottom of the listing shows a large number of one-star ratings in addition to many five-star results. Most complaints center around reports of consoles being "dead" right out of the box or within a few hours of switching them on for the first time.

The problem has been nicknamed the "Blue Light of Death" (mocking the infamous "Blue Screen of Death" on Microsoft Windows) because that power indicator is the only feature which seems to work on affected consoles. Sony says only a handful of problems have actually been reported but it will continue to investigate.

The PS4's largest competition will be Microsoft (MSFT - Get Report) Xbox One, due in stores on Friday. The Xbox One will retail for $499.99. Although that's $100 more than Sony is charging for its new gaming console, Microsoft is including the Kinect motion-sensing/camera device as part of the package. Sony charges an extra $60 for a PlayStation 4 camera.

Speculation surrounding the new Microsoft CEO has investors and industry watchers concerned that the Xbox unit may be sold to another company in an effort to cut costs, in an effort to return more capital to shareholders.

Written by Gary Krakow in New York.

To submit a news tip, send an email to tips@thestreet.com.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
MSFT $44.40 -0.10%
SNE $28.39 -0.42%
AAPL $126.44 -0.13%
FB $87.28 0.43%
GOOG $523.40 0.30%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs