The company sold approximately 1.1 million PlayStation 3’s during the quarter and 1.3 million PSP units, compared to 1.6 million and 3.7 million, respectively, for the same period last year. Sales of the ageing PlayStation 2 reached 1.6 million for the quarter.

The PlayStation 2 is still Sony s saving grace, with sales of PlayStation 3 still underwhelming thanks to its high price and a lack of blockbuster titles.

PlayStation 3 currently retails for $400 while its older brethren, the PS2, goes for a much friendlier $99. Sony, isn t it time for a price cut

September is the timeframe most experts expect a price cut, coupled with a new, less expensive model of the PS3, rumored to be called the PS3 Slim. But price is only half the battle.

The best (and, some would say, only) chance Sony has is with the release of God of War III, and to couple a significant drop in console price with this hotly-anticipated AAA title. Unfortunately, the game isn’t due until Q2 2010.