As many people here are mentioning, they need to pull a Wii to make a comeback. The problem is just that Sony as a company is not creative. The biggest problem is that they don't have the right employees. To do so, they need to hire many new and talented minds to bring in a breath of fresh air. The problem is that Sony is not hiring, but actually firing people. Also, Sony has a Japanese structured way of listening to older guys' wisdom over new creative employees.

With the previous paragraph in mind, right now I would say no.

I did. Gaming was mentioned there so I decided to make a gaming focused response. 

They might. (It's not like they have SEGA style low levels of money before SEGA left the hardware business)

A comeback is possible. (they do have their fingers in lots of technology/gadget pies afterall)

However, i honestly 1000% hope they do not.

Look at how much Sony messed up with the PS3 and:

- they still recovered and put PS3 back in the fight with Wii and Xbox 360;
- it's the best selling console in 2012; it did very well since the slim model+price cut back in 2009, losing on holidays because its lack of a fad-effect like the Wii, and PS Move didn't succeed as a gimmick like Kinect did. But overall, it has been showing very strong sales, who in 2007-2008 would have guessed PS3 would be on top in 2012;
- It is neck-to-neck with Xbox 360 in total sales. Not even the Kinect boost and M$ doing everything right could push Xbox 360 too far ahead of PS3.

So if you ask me, yes, of course Sony can and will recover at least when it comes to its games division. If they do everything (or most things) right the next PlayStation can dominate again.

I still think the PS Vita will do very well, people are too impatient. It is not doomed, and so isn't Sony.

sonys number one problem is they have the best engineers but the worst marketing and sales team so they need to do more than a restructure perhaps recycle a bunch of employees but keep the technical ones

yea, china has become too expensive, they should search for a country where they can screw over the workers even more so that we pay less

prominence with playstation or as a company that they are right now?
they have to get rid off some divisions that just aren't profitable. not to forget that they also build *crap*.
1. smartphones
really, the sony-smartphones look ugly, sell like fridges in alaska and support is lousy (android-4.0-updates rolling out while sony *knows* issues regarding wlan)
2. tv
why the hell are sony-tvs that expensive? they don't really offer more than competitors, still the prices are higher. sure they sell less than others.
3. sound
yes, they actually also build av-receivers, e.g. top-model to be released is STR-DA5700ES. this baby will cost you 2,4k euros. sure, it's a hell of a receiver but why no 4k-upscaling? especially again, sony just too expensive.
4. bluray
see tv and sound. sony builds good hardware, again lacking a lot of features others offer. playback mkv, ntfs-support and so on (don't know about current gen, though).
5. gaming
vita - again, sony tries to push proprietary crap where it is inappropriate. vita has tough hardware but people feel it's competing with smartphones while 3ds is felt like "gameboy". sorry for vita, nice concept, good hardware, perhaps good games, but won't be as successful as 3ds, perhaps not even like psp...
ps3 - well, despite the opinion of many users here, sony *is* 3rd. which is not that bad (although only 2 competitors :)) but i don't see why people want back sony-domination like psx and ps2. the games weren't better back then (even worse in my opinion) and competition is something where *we* can benefit from. sony has to put much effort in staying competitive just like bigN and ms, too. i like the current situation.

perhaps i left out a few things but sony should also listen to their customers (not the guys in the forums here who think they could do better jobs than the guys at sony).

Apple did, Nintendo did. Sony hit it big with the Walkman, if they can be the ones to define the next cool consumer product they will do it. Question is will they be the one to define the next cool consumer product? I don;t think so. I also don't think the Playstation brand can do it. Playstation is established and it has its market niche alongside Xbox and Wii/DS. It had its heyday in PS2, and I don't see it ever being a massively dominant platform again.

They can return to profitability and success with some changes, but I don't think they've got the talent on board to return to being the cool consumer electronics company. And to be an outrageous success as a consumer electronics company you need the cool factor.

I wanna know how long Apple will have the cool factor. It can't last, but there don't seem to be any real challengers on the horizon.