Sony might exit the smartphone market in a bid to become profitable once again. The Japanese tech giant’s CEO Kazuo Hurai announced at a press conference that Sony will no longer pursue sales growth in the highly competitive field.
Right in line with past reports, Mr. Hirai revealed that the company will consider a sale of its struggling smartphone and television businesses. However, there is no deal currently in the works.
Despite developing quality Android smartphones, Sony has struggled in the highly competitive smartphone field. The company has been sandwiched between rivals such as Apple and Samsung in the high end and the army of Chinese companies in the low end of the market.
The company aims to achieve an annual operating profit of $4.2 billion by 2018. That’s a 25-fold increase over its current financial performance.
Sony plans to turn to profit by investing in its already successful divisions. They include production and development of image sensors and the Sony PlayStation gaming business.