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.