Sony Shares Jump as PlayStation 4 Console Sales Reach 1 Million

11:26 AM PST 11/18/2013 by Paul Bond
The Playstation 4

UPDATED: The company's next-generation video game console will get competition from XBox One beginning Friday.

Shares of Sony spiked 4 percent at the opening bell Monday, the first trading day since the consumer electronics and entertainment firm said over the weekend it had sold a million PlayStation 4 consoles within the first 24 hours of its release.

The PS4 went on sale Friday in the U.S. and Canada for $399, and its first-day sales outpaced all previous iterations of the video-game device. That's good news for the console industry in general, given competition from handheld gadgets and digital technology.

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Sony's forecast anticipated sales of as many as 5 million units by the end of its fiscal year in March.

Shares of Sony hit $19.16 during midday trading on Monday after closing Friday at $18.50. By the closing bell, though, the shares closed only 1 percent higher to $18.72.

Sony will get more competition for its next-generation video game console when Microsoft releases its Xbox One on Friday.

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