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
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)
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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.