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They also anticipate a large waiting list for Microsoft Corp. (MSFT)’s Xbox One, suggesting a prolonged industry sales slump is ending.
Sony said on Nov. 17 it sold more than 1 million PlayStation 4 consoles in the U.S. and Canada within 24 hours of the $399 machine going on sale. The figure included some of the 1 million units Tokyo-based Sony presold on a global basis, said Dan Race, a PlayStation spokesman.
Microsoft’s $499 Xbox One goes on sale tomorrow in 13 countries and also is expected to be in high demand after a seven-year drought on new home consoles from the two companies. Nintendo Co. (7974)’s Wii U is entering its second year of sales.
GameStop fell 6.5 percent to $49.04 at 11:50 a.m. in New York after dropping as much as 11 percent, the biggest intraday decline since May. The company forecast fourth-quarter profit of $1.97 to $2.14 a share, less than the $2.16 average of 20 analysts’ estimates compiled by Bloomberg.
The retailer, which accounts for more than half of Sony and Microsoft’s video-game software sales, will benefit from the console transition based on its ability to lure gamers who trade in older titles and hardware for discounts on new gear, said Colin Sebastian, an analyst at Robert W. Baird & Co. in San Francisco. He recommends buying the stock.
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