CEO Kazuo Hirai said on Wednesday the Japanese consumer electronics firm would no longer pursue sales growth in areas such as smartphones where its has suffered competition from cheaper Asian rivals as well as industry leaders like Apple and Samsung.
Sony would instead focus its spending on more profitable businesses such as camera sensors, videogames and entertainment as it seeks to return to growth after forecasting for this financial year its sixth net loss in seven years.
Few expect Sony to return to the days when its Walkman and Trinitron TV defined how people around the world consumed entertainment. Analysts, however, have said it could make better use of its gadgets and access to Hollywood content. Hirai said Sony will push to expand its PlayStation network user base, while focusing on areas such as streaming music.
