It’s been a long haul for the PS3 towards profitability, with the system starting out at $599 and rumored to be losing over $200. Now, however, the $299 PS3 slim has slipped over into the black.

“This year is the first time that we are able to cover the cost of the PlayStation 3,” said SCE WWS President Shuhei Yoshida. “We aren’t making huge money from hardware, but we aren’t bleeding like we used to.”

“When we bring the cost of hardware down, we are looking at opportunities to adjust prices if we believe that will increase demand,” he explained. “At the moment, we are trying to catch up our production. 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.”

Rather than cutting the cost of the console, Sony is now looking towards bundles, like the one including Sports Champion, a PlayStation Move controller, and a PlayStation Eye for $399

Source: IGN