Stringer: Sony Shifting To Recovery On The Back Of PS3

On top of an earlier report from Sony president Kazuo Hirai claiming that the company would have at least 380 titles available for the PlayStation 3 by March of 2008, company chairman and CEO Sir Howard Stringer has called the console a "a key driver" in Sony's recovery and future growth. The comment was made as part of an address made to Sony shareholders in Tokyo, during which Stringer noted that “All the production problems have been solved. We are making a comeback already," according to an Associated Press report. Sony's shift from “recovery to profitable growth” reportedly played a central theme in Stringer's commentary to investors. "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 succeed," added the self-proclaimed “Sony warrior.” However, some investors seemed less swayed despite the executive's positive outlook, including shareholder Kazuhiko Machida, who commented, "It's hard to think that Sony has solved all its problems," particularly noting losses related to the PlayStation 3. In May the company reported a ¥232.3 billion ($1.93bn) loss of its games division attributed to “the sale of PS3 at strategic price points lower than its production cost.” However, a Reuters report writes that the company plans to reduce the division's loss to ¥50 billion ($404 million) in the current business year. "I think Sony may be at a crossroads, but it's too early to say 'Banzai!',” added Machida.