Sony's latest gaming console (the PS4) is currently dominating Microsoft's Xbox One in sales, according to a new report.

According to Forbes magazine, the PS4 has sold at least 7 million units as of last month, while the Xbox One has sold at least 5 million gaming consoles as of April 17.

However, some gaming expect believe that Microsoft still has a chance to compete against Sony in sales thanks to releasing their recent Titanfall Xbox One bundle.

"I was surprised that the PS4 outsold the Xbox One in March, a month where Titanfall led overall software sales. I thought such a strong and highly marketed game, coupled with price cuts on the Titanfall Xbox One bundle from many retailers to $450, would net Microsoft a victory. But that didn't happen. Still, it is far too early to say Microsoft is in trouble," said Eddie Makuch in a GamePro magazine report.

He added, "The PS4 may be off to a red-hot start, but we are only six months into a console cycle that will probably last for the next decade.

"The Xbox One itself is showing positive signs (sales are up 60 percent over the Xbox 360 at the same point in its lifecycle), so the platform is clearly not hurting."

He concluded, "Plus, we're heading into E3 where Microsoft likely has some major announcements in store for the future of the platform. Bet against Microsoft at your peril."

Like Makuch, Robert W. Baird's Colin Sebastian also thinks that the Xbox One had a successful month but it was still dwarfed by Sony's success.

"I think if we didn't have the PS4 to benchmark Xbox One against, the perspective would be a little more positive. For example, unit sales of Xbox One are tracking 60 percent above Xbox 360 sales at a similar point post launch. But in an age where competition matters, Microsoft doesn't want to fall too far behind Sony," said Sebastian.  

"In terms of the March data, not a bad month for Xbox One, but the PS4 still has stronger momentum, which we attribute to the price difference, lack of consumer enthusiasm for Kinect, and otherwise similar features," he added.