Sony looks for profits elsewhere to offset PS3

Sony Corp said on Monday that it is looking for profits in movies and consumer electronics to offset the impact from price cuts and tough competition for its PlayStation 3 (PS3) game console.

However, Sony expects losses at its game unit to nearly double from its initial estimate to 200 billion yen ($1.71 billion) for the year to March after it cut the price of a PS3 with a 20-gigabyte hard disk drive by 20 percent in Japan.