Sony Acknowledges Slow PS3 Sales in 2007

Despite being trampled by the competition in 2007, lower than expected PS3 sales are "hardly cause for panic" says PlayStation boss Jack Tretton, especially given Sony's proven ability to release consoles with a 10-year shelf life.

"I don't think there's any question that there were missteps," Tretton told MSNBC in an interview published on Monday.

"I fully admit we'd like to have sold more [PS3] units... but I don't think anybody is being honest with you if they say that the first year of any platform goes perfectly according to plan."

While blaming early poor supply as "the biggest disappointment" of 2007, Tretton says the PS3's slow start is "hardly cause for panic" because both the original PlayStation and PlayStation 2 remained popular for 10 years.

"The first year is important, but it's the first inning of a nine-inning baseball game," he said. "You're not going to win many baseball games if you panic when you're down 1-0 in the first inning."