Microsoft’s Xbox One Sells Out After Launch

Microsoft’s (NASDAQ:MSFT) new Xbox One video game console sold out within 24 hours of hitting store shelves, selling more than one million units to match rival Sony (NYSE:SNE).

The Redmond, Wash.-based company said it’s working to replenish stock as fast as possible. The Xbox One launched on Friday to long lines outside retailers, most of which quickly ran out of the product.

Microsoft had previously disclosed that preorders of the $499 console, which launched in 13 markets worldwide, sold out.

The launch followed a successful debut a week earlier for Sony’s PlayStation 4, which also sold out and topped one million in sales.

Sony began selling the PlayStation 4 in just the U.S. and Canada. The device will be rolled out in Europe and Latin America on Nov. 29, and then in Japan on Feb. 22, 2014.

The PlayStation 4 was priced below the Xbox One at $399, although Microsoft’s console includes the company’s Kinect motion-sensing device. Using Kinect, users can control the Xbox One using voice commands and gestures.

Microsoft has also touted its console’s additional entertainment uses, such as controlling a television or streaming video programming.

Shares of Microsoft edged 24 cents higher to $37.82 early Monday morning.