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More Details on Stringer's report to Sony's shareholders.

TOKYO - Howard Stringer, the first foreigner to head Sony, tried to allay investor worries about the future of the Japanese electronics and entertainment company Thursday by pointing to a budding recovery in its core electronics business.

Stringer, wrapping up his first year at the helm of Sony, was facing shareholders for the first time as CEO at an annual meeting.

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TheMART3748d ago

This just says it all: the once mighty Sony...

Sony shares have lost nearly half their value over the last five years. On Thursday, the stock rose 3.6 percent to 4,940 yen ($43).

One shareholder, who identified herself only by her surname Kasahara, said she bought Sony shares at 14,000 yen ($120).

"I bought shares in mighty Sony," she said, stressing her unhappiness about their plunge. "What are you going to do about this?" she asked, drawing laughs from the crowd.

The Real Deal3748d ago

Sony's losses have been largely due to massive restructuring costs, including job cuts, plant closures and dropping money-losing units, as well as research and development expenses for its usually profitable game division, were behind the red ink.

Uncertainties about Sony's video-game business have weighed on investor sentiments.

Sony has a lot banking on the PlayStation 3 video-game machine, the upgrade for the successful PlayStation 2, but delayed its introduction by several months to November.

Moostache3748d ago (Edited 3748d ago )

To say Sony has a lot banking on the success of the PS3 is kind of like saying the Titanic had a problem with iceburgs or water is wet.

They only have the entire future of the company and teh jobs of hundreds of thousands of people across the globe on the line.

I have not agreed with many of their moves leading up to the release of the PS3, and I still believe they are making a huge mistale in the pricing war at $600 for the fully-featured unit, but I will say this much for Sony - it takes some brass balls to go "all-in" like they are doing. I think almost any pro poker player would be intimidated at that kind of move in a game!

mikeeno73748d ago

Well, since PS3 will fail, i think we can safely say that Sony will either be
1. Bankrupt in 4 years
2. Or stay afloat but never return to its full glory as an electronics company.
3. Or (if the impossible happens) be bought out by another company or a merger takes place.

Let's face it, if ps3 sells more than 360 and Wii, it's not because the ps3 is better, it's just 100 million stupid people blindly buying the console because it has 'PS3 written on it'. Not once thinking if it is actually worse than competition that was released a year before it...

shoota333748d ago

you hate because more people like the ps's than your xbox 1.5 looser.Fact is no one want your stupid box their sitting around in every store.

Jay da 2KBalla3748d ago

you hate because yo favorite company is going to go bankrupt and is getting its ass kicked by apple and samsung. lol

shoota333748d ago

you hate cause your xflop will not exsist after ps3 comes out and Ms gets its ass kicked by google

joemutt3748d ago

You know Assasins Creed is coming to 360! Go look at the article on the homepage, your PS3 is going down, especially when little boys like you cant afford them, what are you going to do? Sell your bike? Wont be enough, lance armstrong couldnt even get enough by selling his bike. Your exclusives are getting smaller by the day, so is your fanbase.

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