Although Microsoft will drop the price of the Xbox 360 to US$299 this weekend, Sony says it has no plans to follow suit with the PS3.

"This year, our strategy is not to sell more quantity for PS3 but to concentrate on profitability," said CFO Nobuyuki Oneda on Friday. "Our plan is not to reduce the price."

Oneda's remarks trail widespread confirmation that Microsoft will drop the price of the Xbox 360 by $50 this Sunday. In the last three weeks, numerous sources and retail fliers have confirmed the news, though Microsoft says it has nothing to announce.

Sony effectively slashed the price of the PS3 for the first time last year, when introducing a new 40 GB model without backwards compatibility for $399.

This story, "Sony Has No Plans to Cut PlayStation 3 Price" was originally published by GamePro .