Latest News Sony stock stumbles after company reportedly cut estimate for...

Sony stock stumbles after company reportedly cut estimate for PlayStation 5 production

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In this photo illustration the PlayStation 5 logo seen displayed on a smartphone.

Rafael Henrique | SOPA Images | LightRocket | Getty Images

SINGAPORE — Shares of Japan’s Sony fell following a report that the company is reducing its estimated production for its PlayStation 5 gaming console.

The stock traded about 1.8% lower Tuesday morning, recovering from losses earlier in the session when it fell more than 3%.

The moves came after Bloomberg reported, citing people familiar with the matter, that Sony slashed its estimated PlayStation 5 production for the fiscal year by 4 million units. The report said the reduced outlook was related to production issues with the custom-designed system-on-chip (SOC) for the console. 

Bloomberg said the Japanese electronics powerhouse has been facing manufacturing issues, with production yields as low as 50% for its SOC.

Sony did not immediately respond to CNBC’s request for comment.

The latest development comes as Sony gears up for its next-generation console battle against Microsoft. The rival recently released pricing details for its new Xbox consoles which are set to launch in November.

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While Sony has not yet announced pricing details for the PlayStation 5, the PlayStation blog is teasing a showcase scheduled for Wednesday.

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