PS3 Finally Profitable, No Foreseeable Price Cuts

By the looks of the slew of recent hardware shortages it seems that the PS3 is finally making Sony some money. With demand exceeding supply, Sony says there's no real reason, from a business standpoint, to cut the current $299 price point.

"This year is the first time that we are able to cover the cost of the PlayStation 3," Shuhei Yoshida, president of Sony's Worldwide Studios, told IGN. "We aren't making huge money from hardware, but we aren't bleeding like we used to."

A feat that took nearly four years to accomplish. Instead of bringing prices down, the company is now looking to get more units shipped to retail and catch up in production, Yoshida said.

"We have lots of great games coming out and innovations with Move and 3DTV, so we don't believe this is the time for us to think about a price drop," he added.