Sony says it will cut U.S. prices for its PlayStation 4

October 8, 2015, 11:31 AM UTC
Sony Corp. PlayStation 4 As Game Console Goes On Sale In U.S.
A logo sits on the front of a Sony PlayStation 4 (PS4) games console, manufactured by Sony Corp., in this arranged photograph taken in London, U.K., on Friday, Nov. 15, 2013.
Photograph by Bloomberg via Getty Images

Sony (SNE) is cutting the price of its PlayStation 4 videogame console to around $350 from $400 to boost sales ahead of the year-end holiday season.

Thursday’s announcement follows similar price cuts of the console in Asia, including its home market Japan, and adds pressure on rival Microsoft (MSFT), whose Xbox One system has lagged the PlayStation 4 in global sales.

Videogames, along with sensors, have helped lead a turnaround at Sony, which is still struggling with weak smartphone and TV sales.

In July, Sony raised its full-year operating income forecast for its game and network services division to 60 billion yen ($501.3 million) from a previous 40 billion yen, due to solid PlayStation demand.

($1 = 119.6900 yen)