Google has released version 1.4 of Android Studio to its stable release channel. Android Studio 1.4 adds a new design tools, performance monitors, and developer services to the development environment.
A number of new design tools have been added to Android Studio, starting with the new Vector Assets Studio. There's also a new Theme Editor, which makes it easier for developers to manage their app themes. There are also new app project templates in the Project Wizard.
This release also includes new performance monitors. These include the GPU monitor to watch GPU performance, as well as the network monitor, to measure your app's netowork usage. Android Studio 1.4 also has a new developer service in the form of Firebase. Firebase includes things like data storage, static hosting and user authentication services.
Developers can update their current version of Android Studio by going to Help > Check for Update on Windows and Linus, or Android Studio > Check for Updates on OS X.
Source: Android Developer