In an interview with Reuters, Sony president Ryoji Chubachi dashed the hopes of PS3 fans and said his company has no plans to cut the price just yet.

There's been a lot of speculation that Sony would go for a $100-$150 price cut pretty soon. However it seems that we won't be buying cheaper Playstations this summer, and Sony doesn't seem to mind the beating it's taking from Wii.

"If you take a look at how PlayStation and PlayStation 2 have taken off, this is not such an unusual start," said Chubachi.

However, it looks like Sony is well off in spite of the Playstation mess, and its president claims that Sony's consumer electronics will exceed its financial targets this year.