Sony Has Plans To Stay In The Mobile Industry

SONY LOGO BACKGROUND GRAY

There have been various rumors pointing to Sony possibly exiting the mobile industry, but news has finally arrived on what the company plans on doing in the future.

Sony Mobile’s President and CEO Hiroki Totoki said that Sony “will never ever sell or exit from the current mobile business.”

Totoki On Sony Not Selling It’s Mobile Business

“The speculations arose because in 2014 we made a huge loss as a mobile business. It mainly came from the write-off of the goodwill of our impairment asset. When we bought back Ericsson’s share [in 2012], we bought back 100 percent of it. And obviously that price was high. We had to write it down and it made a substantial loss for the company.

“But this was an accounting loss and did not impact our cash flow. Our cash flow is very healthy. But the accounting loss was so huge — that’s why people have speculated like this. Before that rumour, we exited the VAIO business, which was the PC business. That led people to think that Sony would exit the smartphone business, as well. But the smartphone business is very different from PCs.

“Smartphones are completely connected to other devices, also connected to people’s lives — deeply. And the opportunity for diversification is huge. We’re heading to the IoT (Internet of Things) era and have to produce a number of new categories of products in this world, otherwise we could lose out on a very important business domain. In that sense we will never ever sell or exit from the current mobile business.”

Sony Mobile may also focus on smartwear and the internet of things moving forward.

Sony seems as if it will stick around in the mobile industry for now.

Source: Arabian Business Via: XperiaBlog

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