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Stringer: PS3 Will Help Recovery

Howard Stringer has assured Sony shareholders that he's turning the company's fortunes around, with PlayStation 3 a major factor in planned growth.

At a packed shareholder meeting in Tokyo today, Sony's boss said, "We have entered a period of re-emergence."

Sony's losses for the January-March quarter were up to 66.5 billion yen (US$578 million), worse than the 56.5 billion yen loss for the same period in 2005. Investment in PlayStation 3 was one of the reasons cited.

Stringer said the company is on target to hit an operating profit margin of five percent by the year starting April 2007, up from 2.6 percent last year. However, margins this year are down to less than 2% due to PS3'as introduction.

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Moostache3751d ago

He doesn't come across as a crack-smoking Sony exec in this story (first time in a few weeks that can be said for any of the Sony leaaders).

Of course, if Kaz really believes they are gonna sell 100M PS3's, maybe Stringer just put down the crack pipe for a minute and Kaz snatched it up...

OK, that was a bit fanboy-ish sounding...

Sony has no doubt tied the future of their company to Blu-Ray and if it does not dominate the way DVD did, then nothing on earth can save them and companies like Samsung and LG will be licking their chops to buy the pieces...

TheMART3751d ago

PSZero and BetaBluRay will help bankruptcy you mean!

It's a big gamble. A non-standard mediaplayer in the most expensive console in this gaming area. The DVD in the PS2 was a standard, proven concept when they put it out. This is the other way around and a big bet.

It could be a bad bet easily, and then bankruptcy is closer then one thinks. Making losses, while MS is losing on 360 also, had loss with the original XBOX but still makes large profits.

Someone is walking the wrong path in this business and are so close on the edge that it's freaking scary...

THELANDSOFSAND3751d ago

PS3? help?

hahahahahahhahhhahaahhahhahha hahhhhahahahahhahhahahahhahahah ahahahahhahhahahhah

*head explodes from too much laughter*

kingboy3751d ago

lol anyone heard anything from xbox 1 lately? lol i still hear lots from dreamcast though...opps my bad!

USMChardcharger3751d ago

you hear a lot about dreamcast from stories of how sony killed it.
you don't hear much about xbox (i guess you don't?) because we have moved on to the 360. but you know that...that was digging for a burn, good try i guess.

COVER GIRL3751d ago (Edited 3751d ago )

He better hope so..

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