Microsoft Teases Xbox 720 Launch

Rumors are flying that Microsoft (NASDAQ:MSFT) is preparing to announce the Xbox 720 at this year’s Electronic Entertainment Expo in June.

The excitement began when the official blogger for Xbox, who goes by the handle Major Nelson, put up a countdown on his blog and the words, “And it’s on,” the Guardian reports. Given that the countdown will end during the largest video-game convention in the world, E3, fans of the platform began to speculate that the long-awaited Xbox 720 announcement is coming.

Rumors about Microsoft’s next-gen console have been strong over the last year. The company’s current console, the Xbox 360, is now seven years old and due for an update. Combine that with several hints that have leaked from the company in 2012, and the market is ready for some real news.

Microsoft needs to be ready with a next-gen console. Sony (NYSE:SNE) announced over the holiday that it would cease production of the PlayStation 2 and hinting at the development of the PlayStation 4. Sony has an event called “Destination PlayStation” scheduled for February that may feature the announcement.

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