Sony Anticipate Profits

  • Posted June 22nd, 2007 by

In the annual shareholder meeting held a few days ago, Sony's Chairman Howard Stringer announced that the corporation is planning to start turning over a profit following its heavy financial losses caused by the battery recall and PlayStation 3 release, stating that "we will shift Sony from recovery to profitable growth."

Whilst the battery issue we all remember so fondly has been resolved, the company has yet to profit from the PS3. Stringer addressed the issue directly by detailing their plan of action to the shareholders. "All the production problems have been solved. We are making a comeback already. We always lose money in the hardware initially, and we recover that money gradually. We believe that the PS3 going forward will be vital to our future, and will succeed."

With the recent success of Blu-ray sales (due primarily to the PS3) and an increase in its shares by 27% this year, Stringer's statements appear to be holding true. However investors must have still been skeptical and presumably left with doubts as Sony's shares dropped by 1.51% in Tokyo after the shareholders meeting.

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