Microsoft Corp. on Monday said it’s next-generation Xbox One video game console will go on sale in November at $499, above what many analysts had predicted.
The price point, announced at the company’s press conference in Los Angeles on the opening day of E3, triggered concern among investors who are looking to this year’s show for evidence of positive momentum in a sector that has suffered four consecutive years of sales declines.
The price, though not the highest ever for a game console, was sufficiently steep to trigger a slide in Microsoft’s stock. Shares of the Redmond, Wash., tech company fell 20 cents to close at $35.47. Microsoft unveiled Xbox One at an earlier event in May, highlighting the console’s broader entertainment features, including the ability to search, recommend and play videos, movies, TV shows, live sports and music on the upcoming device.