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Sony Introduces New PlayStation 5 Pro Console for $700, Stock Up
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Sony Group Corporation (SONY - Free Report) unveiled a new advanced console hardware, PlayStation 5 Pro (PS5 Pro) for $699.99. The console will be available from Nov. 7 at direct.playstation.com and participating retailers with preorders commencing on Sept. 26.
The new console is available as a disc-less console and will come equipped with a 2TB SSD and a DualSense wireless controller. Gamers have the option to purchase the disc drive for PS5 separately.
PS5 Pro is compatible with the currently available PS5 accessories including Access controller, PlayStation Portal, DualSense Edge, PlayStation VR2, Pulse Explore and Pulse Elite.
Following the development, SONY stock gained 2.1% and closed the session at $92.98 on Sept. 10. In the past year, shares of SONY have risen 8.8% compared with the sub-industry's growth of 6.1%.
Image Source: Zacks Investment Research
Latest Innovations in Sony’s PS5 Pro
Compared with the existing PS5, PS5 Pro hardware boasts an advanced GPU that has 67% more Compute Units and 28% faster memory, enabling a 45% faster rendering for gameplay, highlighted SONY.
With the new PS5 Pro, Sony has introduced AI-powered PlayStation Spectral Super Resolution in addition to ray tracing. This feature leverages machine learning-based technology to provide “super-sharp” image clarity.
PS5 Pro has a Game Boost feature, which can stabilize/ boost the performance of many PS4 and PS5 supported games. It also applies to some 8,500 backward-compatible PS4 games that can be played on PS5 Pro, added SONY.
PS5 Pro will launch with Wi-Fi 7 only in territories that support this Wi-Fi standard. It also supports VRR and 8K gaming while the look of the console, user interface and network services are the same as PS5.
What to Make of Sony’s Hefty $700 Price Tag for PS5 Pro?
SONY’s $700 price tag for its PS5 Pro has raised eyebrows, especially as this is a mid-gen console refresh. The console is priced at $200 more than the PS5 and Xbox Series X. Xbox Series S (512 GB all-digital robot white) carries a price tag of $299.99.
To capitalize on the holiday season shopping fervor, Microsoft has also announced three variants for its Xbox series X and Series S, which are available from Oct. 15, 2024. The 1TB all-digital robot white Xbox Series X is priced at $449.99, $50 lower than the main Xbox Series X console. However, the 2 TB disc drive galaxy black Xbox Series X is priced at $599.99. The new Xbox Series S variant (1TB all-digital robot white) is priced at $349.99.
All these are priced way below PS5 Pro and as a result, SONY might face competition from affordable consoles this holiday season that could impede PS5 Pro’s sales performance. However, according to an analyst quoted by Bloomberg, Sony’s hefty price tag strategy is not at all bewildering as the PS5 Pro is only targeted at the dedicated PlayStation community and not a “mass-market device”.
SONY is one of the leading players in the gaming space. In the last reported quarter, Game & Network Services (G&NS) segment sales, which is the largest contributor to SONY’s sales, jumped 12% year over year to ¥864.9 billion. The surge was driven by higher sales from network services, notably PlayStation Plus and rising sales of non-first-party titles along with favorable forex impacts.
In June 2024, active user accounts on PlayStation were a record 116 million. The company plans to boost the G&NS segment by expanding the stable installed base of PlayStation consoles, enhancing gaming experiences and growing its business by expanding into PCs and improving the first-party software titles. Sony has updated its outlook for the G&NS segment. It now expects sales to be ¥4,320 billion, up from the prior view of ¥4,200 billion, owing to the positive impacts of forex rates.
The Zacks Consensus Estimate for Adobe’s fiscal 2024 EPS is pegged at $18.16, unchanged in the past 30 days. ADBE’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 2.7%. The long-term earnings growth rate is 13%. Its shares have gained 5.8% in the past year.
The Zacks Consensus Estimate for ANSS’ 2024 earnings is pegged at $9.96, unchanged in the past 30 days. ANSS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing the mark once, with the average surprise being 4.8%. Its shares have declined 1.1% in the past year.
The Zacks Consensus Estimate for MANH’s 2024 EPS is pegged at $4.26, unchanged in the past 30 days. MANH’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 26.6%. The stock has surged 30.3% in the past year.
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Sony Introduces New PlayStation 5 Pro Console for $700, Stock Up
Sony Group Corporation (SONY - Free Report) unveiled a new advanced console hardware, PlayStation 5 Pro (PS5 Pro) for $699.99. The console will be available from Nov. 7 at direct.playstation.com and participating retailers with preorders commencing on Sept. 26.
The new console is available as a disc-less console and will come equipped with a 2TB SSD and a DualSense wireless controller. Gamers have the option to purchase the disc drive for PS5 separately.
PS5 Pro is compatible with the currently available PS5 accessories including Access controller, PlayStation Portal, DualSense Edge, PlayStation VR2, Pulse Explore and Pulse Elite.
Following the development, SONY stock gained 2.1% and closed the session at $92.98 on Sept. 10. In the past year, shares of SONY have risen 8.8% compared with the sub-industry's growth of 6.1%.
Image Source: Zacks Investment Research
Latest Innovations in Sony’s PS5 Pro
Compared with the existing PS5, PS5 Pro hardware boasts an advanced GPU that has 67% more Compute Units and 28% faster memory, enabling a 45% faster rendering for gameplay, highlighted SONY.
With the new PS5 Pro, Sony has introduced AI-powered PlayStation Spectral Super Resolution in addition to ray tracing. This feature leverages machine learning-based technology to provide “super-sharp” image clarity.
PS5 Pro has a Game Boost feature, which can stabilize/ boost the performance of many PS4 and PS5 supported games. It also applies to some 8,500 backward-compatible PS4 games that can be played on PS5 Pro, added SONY.
PS5 Pro will launch with Wi-Fi 7 only in territories that support this Wi-Fi standard. It also supports VRR and 8K gaming while the look of the console, user interface and network services are the same as PS5.
What to Make of Sony’s Hefty $700 Price Tag for PS5 Pro?
SONY’s $700 price tag for its PS5 Pro has raised eyebrows, especially as this is a mid-gen console refresh. The console is priced at $200 more than the PS5 and Xbox Series X. Xbox Series S (512 GB all-digital robot white) carries a price tag of $299.99.
To capitalize on the holiday season shopping fervor, Microsoft has also announced three variants for its Xbox series X and Series S, which are available from Oct. 15, 2024. The 1TB all-digital robot white Xbox Series X is priced at $449.99, $50 lower than the main Xbox Series X console. However, the 2 TB disc drive galaxy black Xbox Series X is priced at $599.99. The new Xbox Series S variant (1TB all-digital robot white) is priced at $349.99.
All these are priced way below PS5 Pro and as a result, SONY might face competition from affordable consoles this holiday season that could impede PS5 Pro’s sales performance. However, according to an analyst quoted by Bloomberg, Sony’s hefty price tag strategy is not at all bewildering as the PS5 Pro is only targeted at the dedicated PlayStation community and not a “mass-market device”.
SONY is one of the leading players in the gaming space. In the last reported quarter, Game & Network Services (G&NS) segment sales, which is the largest contributor to SONY’s sales, jumped 12% year over year to ¥864.9 billion. The surge was driven by higher sales from network services, notably PlayStation Plus and rising sales of non-first-party titles along with favorable forex impacts.
In June 2024, active user accounts on PlayStation were a record 116 million. The company plans to boost the G&NS segment by expanding the stable installed base of PlayStation consoles, enhancing gaming experiences and growing its business by expanding into PCs and improving the first-party software titles. Sony has updated its outlook for the G&NS segment. It now expects sales to be ¥4,320 billion, up from the prior view of ¥4,200 billion, owing to the positive impacts of forex rates.
SONY’s Zacks Rank
At present, SONY carries a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked stocks worth consideration in the broader technology space are Manhattan Associates (MANH - Free Report) , Adobe (ADBE - Free Report) and ANSYS (ANSS - Free Report) . While Manhattan Associates sports a Zacks Rank #1 (Strong Buy), Adobe and ANSYS carry a Zacks Rank #2 (Buy) each, at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Adobe’s fiscal 2024 EPS is pegged at $18.16, unchanged in the past 30 days. ADBE’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 2.7%. The long-term earnings growth rate is 13%. Its shares have gained 5.8% in the past year.
The Zacks Consensus Estimate for ANSS’ 2024 earnings is pegged at $9.96, unchanged in the past 30 days. ANSS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing the mark once, with the average surprise being 4.8%. Its shares have declined 1.1% in the past year.
The Zacks Consensus Estimate for MANH’s 2024 EPS is pegged at $4.26, unchanged in the past 30 days. MANH’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 26.6%. The stock has surged 30.3% in the past year.