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PS3 Sales Help Sony Get Its Q4 Game On

Price cut, new games create resurgence, $224M profit

By Jim O'Neill,  Newser User

Posted May 15, 2008 6:59 AM CDT
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(Newser) – Sony reported fourth quarter profits of $277 million yesterday, driven largely by its once-sputtering PlayStation 3, which passed Microsoft's Xbox 360 and is nipping at the heels of Nintendo’s Wii. The results vastly improved on a loss of $643.6 million a year ago, reports the Wall Street Journal. 

For the year, sales were up 7%, and Sony said profits for its fiscal year tripled, riding largely on its videogame division. While the company expected PS3 sales to continue to be strong this year, it ruled out further price cuts and said a strengthening yen will hold overall sales to a 1% increase.

People walk by a corporate sign of Sony Corp. in Tokyo, Japan, Wednesday, May 14, 2008. Sony marked a strong recovery in the fiscal year through March, nearly tripling profit.
People walk by a corporate sign of Sony Corp. in Tokyo, Japan, Wednesday, May 14, 2008. Sony marked a strong recovery in the fiscal year through March, nearly tripling profit.   (AP Photo/Shizuo Kambayashi)
Visitors watch the Sony Corp.'s Bravia flat panel TV sets on display at a Tokyo store. Sony marked a strong recovery in the fiscal year through March, nearly tripling profit.
Visitors watch the Sony Corp.'s Bravia flat panel TV sets on display at a Tokyo store. Sony marked a strong recovery in the fiscal year through March, nearly tripling profit.   (AP Photo/Shizuo Kambayashi)
A PlayStation 3 console from Sony.
A PlayStation 3 console from Sony.   (AP Photo/Mark Lennihan, File)
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