Sony CEO Says PS3 Back on Track

Sony USA chief executive Howard Stringer described the company as having turned a page with the PlayStation 3's market woes at this week's D: All Things Digital conference in Carlsbad, California.

According to Gamasutra, the executive noted that while excessive revenue is still beyond the PS3's reach, but things are moving swiftly upwards for the once ailing console.

"We're coming along, I think," he said. "Culturally, the word 'profit' is not high on anybody's agenda in Japan, and we've turned that around. We closed our 5 percent margins... There's a sort of sense of, we're climbing up the mountain. We're nowhere near the top, but we're halfway up... The level of competence is growing, which is the main thing."

Stringer added that competing in so many realms of digital entertainment has proved a challenge for the company. Before its release, the PS3 was touted as an all-in-one digital media set-top box, capable of playing games, Blu-ray movie discs, and featuring an array of downloadable content.

"We're a giant department store competing with many companies that are really skillful boutiques," said Stringer.