According to the Associated Press and Yahoo News, U.S. PlayStation 3 sales have more than doubled in the weeks after Sony cut the price of the system by $100 and introduced the cheaper 40GB model. Sony's CEO Howard Stringer revealed the good news to the AP today, and it bodes well for this holiday season.

All in all, Sony reports that they had sold over 100,000 PS3s (all models included) by the week ending November 11. That 40GB "entry level" model only costs $399 and the 80GB model's appealing new price tag of $499 means Sony's next-gen system is finally competitive with their chief rival, Mocrosoft's Xbox 360. Of course, Nintendo's Wii still has a stranglehold on the market, although that grip appears to be weakening a bit as we enter into the Christmas season this year. But as far as Sony is concerned, this is just what they were hoping for.

"It's the breakthrough we've been anticipating," said Stringer. "We've been holding our breath."

Before the price cut on October 18, Sony had been selling between 30,000 and 40,000 units each week, which is probably lower than they had anticipated. But sales rose sharply to 75,000 during the first week that price drop was official, and the unveiling of the 40GB model on November 2 has only helped to push the number even higher. Consumers have been clamoring for a price reduction for most of 2007, and now that Sony has granted their wish, the buyers have responded.

"Obviously, we've taken so much heat over the year on PS3," Stringer said from his office in Tokyo. "Finally, the turning point has been passed."

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