Sony's Stringer Says Company Already Making A Comeback

Howard Stringer, chairman of Sony Corporation, said at the company's annual shareholders meeting that the PlayStation 3 is vital to Sony's future success and that the company has already begun its comeback.

"All the production problems have already been solved. We are making a comeback already," he told an audience of over 7,000 Sony shareholders. "We believe that the PS3 going forward will be vital to our future, and succeed," he added, referring to the console as a "key driver" for future growth.

The PlayStation 3 console launched was plagued by costly delays resulting from a shortage of Blu-Ray laser diodes. The company also had to recall about 10 million faulty laptop batteries, costing an estimated $412 million. However, the Sony Bravia flat-panel television has had significant success, and according to Stringer was the best-selling flat-panel television on the market last year.

"We have worked very hard to catch up so that in the age of video we will not suffer as much as we did in audio," he said, in reference to Sony's initial reluctance to embrace the MP3 format.