10/4/2006

Sony Shares Fall on Playstation Concerns

Filed under: — By Aviran Mordo @ 6:53 am

It has been an annus horribilis for Sony. The Japanese electronics company has been hit with a string of embarrassments that have dented its reputation for quality.

Already reeling from a string of laptop battery recalls, Sony Corp. saw its shares drop nearly 3 percent Tuesday amid fresh worries about the upcoming release of its much-anticipated PlayStation 3 video game console.

Sony has already twice delayed the product’s launch amid intensifying competition from rivals Microsoft and Nintendo.

The PlayStation 3 will hit stores in Japan on Nov. 11 and in the United States on Nov. 17. In Europe, they won’t go on sale until March, four months later than planned.

Investors worried about the product after Macquarie Equities analyst David Gibson wrote in a report that PlayStation 3 units on display at the Tokyo Game Show about 10 days ago operated erratically and had to be repeatedly reset.

Source: AP

 

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