Monday, September 28, 2020

Rumored production cuts lower Sony shares

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Investors dropped shares of PlayStation maker Sony on Tuesday amid reports that it is cutting production of its new console by 4 million.

Shares of the Japanese gaming giant fell as much as 2.3 percent in morning trading after Bloomberg reported that Sony had to cut its outlook due to problems with the high-tech chips that will power its video game system from Next Generation.

The PlayStation 5 is one of the most anticipated products of the upcoming holiday season and will go head-to-head with Microsoft’s newest Xbox.

Sony, which for months has been embroiled in a showdown with Microsoft over who would release pricing details for its next-gen console first, is expected to price the PlayStation 5 on Wednesday.

Like the Xbox, the PlayStation 5 will come in two variants: a full console with a disc drive, as well as a cheaper version that will only play digital downloads.

Spanish retailer El Corte Inglés may have inadvertently leaked the price of the console, with a photo of the store’s internal systems showing a price of 499 euros for the most expensive version and a price of 399 euros for the fully digital edition.

Reports last week suggested that Sony may have adjusted the price of the PS5, which according to the European blog Gamereactor was “considerably” higher than the prices Microsoft announced for its two new consoles.

Microsoft revealed last week that its top-tier Xbox Series X would cost $ 499, while the budget S Series would retail for $ 299.

Sony shares were down 1.8 percent late Tuesday morning at $ 76.34.

NY Post

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