Phil Elliott
08:56 (BST)
20/06/2008
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Stringer: Videogames are Sony's "top priority"
Sir Howard Stringer, chairman of Sony Corporation, has told the company's annual shareholder meeting that he believes the "top priority" should be restoring the videogames and television departments to profitability.
Precisely when that might happen is unclear, as although the company previously predicted that the PlayStation division will post its first annual profit next year, following cost reductions in the manufacture of the PlayStation 3, the electronics division is set to see earnings tumble on poor LCD sales while the stonger yen hits exports, according to Bloomberg.
The company predicted net income to fall by 22 per cent to JPY 290 billion (USD 2.69 billion), while it expects to sell 10 million PlayStation 3 consoles, and 9 million PlayStation 2 consoles.
Additionally the company has stated that it has no plans to buy back shares, according to Reuters, despite enjoying a strong cash or equivalents position of around USD 10 billion.
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