Sony in "Recovery Mode," Rebooting Finances

capttok11206210724china_japan_sony_tok112.jpgOyez oyez. The honorable Sir Howard Stringer Esq. Adm. 1st Class III Deceased is now placing Sony into a financial recovery mode, an effort to nip all this PS3 nastiness in the bud. Sony was depending on the new console to bolster its market share and cash reserves and, as we all know, it did neither.

But what does “recovery mode” mean? Not much. All he’s really saying is that shareholders shouldn’t worry and that everything will be fine. It also means he’s wearing a loverly flower.

“All the production problems have been solved. We are making a comeback already,” said Stringer, promising to boost game offerings and bolster the machine’s networking platform.

“We always lose money in the hardware initially, and we recover that money gradually,” he said. “We believe that the PS3 going forward will be vital to our future, and succeed.”

At least there were no lay-offs or other cost-cutting measures, a process that amounts to bloodletting in most cases. I guess we’ll just have to wait and see and hope that Stringer knows what he’s doing.

CEO: Sony is shifting to recovery mode [AP]