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.

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 indicatedParamount 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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