Sony Corp (ADR) (SNE) Sales Numbers for Playstation 4 Released but Stock is Down in Early Trading

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Sony Corp (ADR) (NYSE:SNE) announced today that the PlayStation 4 has been sold to over 30 million people as of this past Sunday, all ahead of the forthcoming Holiday rush. In comparison, back in March, total sales stood at just 20 million. In addition to these numbers, Sony also says that they hope to sell an additional 17.5 million units by the end of the first quarter, 2016.

This all comes on the heals of rumors that Sony has already begun development of the PlayStation 5, a console that surely has to be at least two year away from being released. The stock is down 1.74% or $0.47 hitting $26.49, despite the positive news. About 111,164 shares traded hands. SNE has declined 12.24% since April 23, 2015 and is downtrending. It has underperformed by 11.23% the S&P500.

Out of 2 analysts covering Sony Corp (NYSE:SNE), 2 rate it “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Sony Corp was the topic in 3 analyst reports since August 16, 2015 according to StockzIntelligence Inc. Nomura maintained the stock on September 4 with “Buy” rating. JP Morgan maintained the shares of SNE in a report on August 16 with “Overweight” rating.

Sony Corporation is engaged in the development, design, manufacture, and sale of various kinds of electronic equipment, instruments, and devices for consumer, professional and industrial markets, as well as game consoles and software. The company has a market cap of $33.39 billion. The Company’s divisions include Mobile Communications, Game & Network Services, Imaging Products & Solutions, Home Entertainment & Sound, Devices, Pictures, Music, Financial Services and All Other. It currently has negative earnings. The Company’s manufacturing facilities are located in Asia, including Japan.

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