Stringer sings of Sony's future success

Sony Corp. CEO Howard Stringer today addressed a group of more than 7,500 shareholders in the company's annual shareholder meeting. He said the electronics giant expects to attain its fiscal 2007 target for a companywide operating profit of plus 5 percent.

Speaking at a Tokyo hotel, the Welshman/CEO stood next to Sony President Ryoji Chubachi. Stringer, addressing shareholders for the first time since his appointment to the chief executive role last year, said Sony Corp. was "on track" for a turnaround, according to reports.

"Now in its 60th year, Sony has entered a period of re-emergence," the Associated Press reported.

Unfortunately, finances are predicted to get worse before they get better--profits are expected to dip midyear due to PlayStation 3-related expenses.

During the presentation, PlayStation boss Ken Kutaragi said the company would heavily back the launch of the new console, due to retailers in November; according to news reports, Kutaragi pledged that Sony would sell 100 million units of the game machine "over the next several years."

Sony shares climbed 170 yen, or 3.6 percent, to 4,940 on the Nikkei today.