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What's Going On With Sony Stock On Tuesday?

Anusuya Lahiri
·2-min read
What's Going On With Sony Stock On Tuesday?
What's Going On With Sony Stock On Tuesday?

Sony Group Corp (NYSE:SONY) stock is trading higher on Monday amid reports of PlayStation VR2’s PC adapter launch on August 7.

The adapter, due in February, will offer PC support for Sony’s PS5-exclusive headset, which was launched a year ago.

The device will support every Steam VR game, including blockbusters like Half-Life: Alyx, the Verge reports.

Now, players will need a DisplayPort cable to work with Steam titles on their PCs.

In May, Sony reported a fiscal fourth-quarter 2023 sales increase of 14% year-on-year to $23.49 billion, beating the consensus estimate of $19.20 billion. EPS of $1.04 beat the consensus estimate of $0.79.

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Sony sold 4.5 million PS5 units in the fourth quarter, down from 6.3 million a year ago.

The company indicated a slowdown in PlayStation 5 hardware sales with no plans to launch major titles within the fiscal year. Sony expects fiscal 2024 PS5 sales of approximately 18 million units.

Meanwhile, recent reports indicated Paramount Global (NASDAQ:PARA) weighing Skydance’s offer to acquire National Amusements and merge, injecting $1.5 billion into Paramount and reducing its debt.

Sony’s shares struggled over concerns of its potential $26 billion bid for Paramount.

Sony stock lost close to 4% in the last 12 months. Investors can gain exposure to the stock via Avantis International Large Cap Value ETF (NYSE:AVIV) and Trust For Professional Managers ActivePassive International Equity ETF (NYSE:APIE).

Price Action: SONY shares traded higher by 2.11% at $85.36 at the last check on Tuesday.

Photo by Barone Firenze on Shutterstock

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