Sony learns from mistakes, vows a comeback

At Sony Corp.'s annual meeting in Japan last week, CEO Howard Stringer assured shareholders that the Japanese electronics giant is on the comeback trail, and vowed never to repeat the mistake of failing to promote new concepts.

This is according to a report from AFP, which quoted Stringer as saying that the company has spent the past two years rebuilding software development strategies.

The CEO likewise dismissed criticisms on the market performance of PlayStation 3, saying Sony has shipped 5.5 million units since the console's debut late last year. Stringer explained the PS3 is following the pattern for all PlayStations—the company initially loses money on the hardware but recovers on the software.

"All the production problems have been solved," Stringer assured attendees of the Tokyo meeting. "We are making a comeback already. PlayStation 3's going forward will be vital to our future and we will succeed."

On the other hand, Sony President Ryoji Chibachi disclosed the management was ashamed to admit that the Apple iPod has overtaken the Sony Walkman in the portable music scene. Stringer likewise admitted that "Apple's relationship with the customer was stronger due to its software expertise, which is something we did not do as well as Apple."