NEW YORK (TheStreet) -- Microsoft (MSFT) shares are down 0.88 to $47.10 Monday after announcing on Sunday that it was delaying the launch of its Xbox One video game console in China.
The video game and home entertainment system was originally slated to be released in the country tomorrow, but the company has rescheduled the launch for later this year with no specific date or reason for the delay.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
"At Xbox, we pride ourselves on delivering first-rate gaming and entertainment experiences, and to allow us to deliver on that promise, we need to reschedule the launch of Xbox One," an Xbox spokesperson told gaming website Polygon. "Working with our partner, BesTV, we look forward to launching in China by the end of this year."
China changed its laws in the Shanghai Free Trade Zone earlier this year, allowing foreign made video game consoles to be sold in the country for the first time in 14 years.
TheStreet Ratings team rates MICROSOFT CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICROSOFT CORP (MSFT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, reasonable valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income."