No worries: Sony still on target despite forecast slash

Posted Oct 27, 2008 at 4:35AM EST by QJ Staff

Listed in: News Tags: Howard Stringer, Sony

No worries: Sony still on target - Image 1

The industry worried for Sony last week when they slashed their earnings forecast by 57%. Sony doesn't intend to let it drag them down though.

Speaking at the Nikkei Global Management Forum in Tokyo, Chairman Howard Stringer said that:

I have to offset the losses that the yen created so that we can get the company back on target along the target of 2010 which I intend to keep.

Ok, let's talk business. To fill you in, a major part of Sony's woes right now stem from a strong Yen against the weakening dollar. Despite being a Japanese company, much of their investments are in the US, so a weak dollar will naturally affect it.

Sony's target for 2010 is to raise its return on equity by 10%, a plan which they announced last June. It's ambitious, as it's almost double Sony's average in the past five years. With their slashed earnings forecast, one would naturally assume that they wouldn't be able to meet this goal. However, it sounds like Stringer is confident that they'll be able to meet it.

Business talk over. So what does this mean for us gamers? It means Sony doesn't intend to just lie down and take it, so let's not worry for the future of the PS3 and the PSP just yet.

Via Bloomberg

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worried about sony and their products for my whole life as a gamer... they are a VERY wise company and have held their own LONGER then microsoft has.. sony is looking not only to the present but to the future and to do that they have to split it enuf to give them in edge in the present day AND to hold them off for the future.

i mean look at ALLLLL the company that attempted to succed in this world that either parished completely,sold to another company,being bought out by another company or just strait merging by force.... its becouse tho's businesses did not have the right tactics and knowledge to succedd then and now or else they would of still stood up today.

i give sony more props then should be givin considering the LOW @sz economy right now and stocks lowering all the way down to 90% at $3 a share... yet sony and its products are still strong and underway.

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No worries: Sony still on target despite forecast slash

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