Sony Stock Jumps 4.5 Percent in Tokyo on Strong PlayStation 4 Sales
Sales of 18.5 million PlayStations and a strong online performance for 'The Interview' have helped boost the under-pressure Japanese giant
Sony stock jumped more than 4.5 percent on the Tokyo Stock Exchange on Wednesday, following news that the company had shifted 18.5 million PlayStation 4 (PS4) consoles as well as the record online performance of controversial film The Interview.
Shares in the entertainment and electronics conglomerate peaked at ￥2,590.5 ($21.77) during the afternoon, before falling back to close at ￥2,552.5 ($21.45). Despite its hacking woes and continuing losses at some of its key electronics operations, Sony stock is up more than 42 percent over the last year.
The PS4 has sold more than 18.5 million units since its launch in late 2013, Sony said at the CES 2015 consumer electronics show, outperforming the PS2 — the best-selling console in history — which sold 10.6 million over a similar timeframe. The strong sales will be particularly gratifying for Sony, coming at a time when many analysts had predicted the collapse of console gaming in the face of cheaper alternatives on smartphones and tablets.
The PS4 is due to go on sale on Jan. 11 in the potentially huge Chinese market, where consoles have been banned up until now.
The online release of The Interview, the film about North Korean dictator Kim Jong-un that may have been the trigger for the devastating hack on Sony Pictures Entertainment, has already pulled in more than $31 million, a record for the studio.
The Nikkei 225 Index finished the day almost unchanged at 16,885.