Sony Group Corporation (NYSE:SONY) shares are trading higher on Tuesday.
The company announced that it will increase the price of its PlayStation 5 (PS5) games console in Japan starting September 2.
Prices will be raised by approximately 20%, due to challenging external factors such as global economic fluctuations, reported Reuters.
According to a blog post by the entertainment and technology conglomerate, PS5 is priced at 79,980 yen ($551) for the standard version and 72,980 yen for the digital edition. Per the report, Sony expects PS5 sales to be 18 million units for this financial year, a decrease from 20.8 million units sold in the previous year.
According to Benzinga Pro, SONY stock has gained over 16% in the past year. Investors can gain exposure to the stock via BlackRock Large Cap Core ETF (NASDAQ:BLCR) and Calamos ETF Trust Calamos Antetokounmpo Global Sustainable Equities ETF (NYSE:SROI).
The move comes even as PS5 sales have been hindered, and Sony is widely expected to restore its offering with a more effective, mid-reported cycle console update in the coming months, reported Bloomberg.
Prices of accessories like the DualSense wireless controller and Pulse wireless headset are also set to increase in Japan from September 2.
Sony's game-division profit may total ¥330 billion in fiscal 2025 ending March, 3% above guidance, aided by the PlayStation platform, Bloomberg added.
Price Action: SONY shares are trading higher by 3% to $95.60 at last check Tuesday.
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