Sony reports record profits as PS3 losses shrink

Japan's Sony Corp. said Thursday that its third-quarter net profit
jumped by 25 percent to a record high as its video game division
finally returned to the black.

Sony is enjoying a strong
recovery after being caught off guard in recent years by innovative new
products such as Apple's iPod and Nintendo's Wii.

The company,
which is often seen as a bellwether for corporate Japan, hiked its
forecast for annual net profits, which are expected to hit a record
high.

Sony said its game unit had swung back into the black for
the first time in two years after it introduced a cheaper version of
the PS3 video game console in response to fierce competition from
Nintendo.

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