Sony sees smartphone business as indispensable, says CEO

TOKYO: Sony Corp sees the smartphone business as indispensable to its brand portfolio, its CEO said, bucking calls from some investors that the Japanese electronics firm should scrap the money-losing business.

"We see smartphones as hardware for entertainment and a component necessary to make our hardware brand sustainable," he said."And younger generations no longer watch TV. Their first touch point is smartphone." As Sony aims to make the business profitable next financial year, it ceased production at its Beijing plant and streamlined some sales operations globally.Sony is beefing up gaming functions of its smartphones to tap customers of its successful PlayStation gaming business.Separately, Reuters reported Daniel Loeb's hedge fund Third Point is again building a stake in the company, as part of its second campaign for change at Sony in six years.

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