It's all in how you view the numbers. Sony has always operated at a loss early in a generation, so we shouldn't be too shocked when we see the overall numbers to date.
According to the Q2 financial report from Sony, the big news is that the gaming division has lost nearly $4.7 billion thus far this generation. However, if you look at a very interesting and enlightening breakdown provided by VG247 , you will find that such losses are actually on par with the losses Microsoft's game division incurred during the introduction of the original Xbox. As you can see, Sony lost more early but Microsoft's losses were more sustained and they end up right in line with one another; in four full years, Microsoft lost about $4.2 billion and in 3.5 years, Sony has lost $4.7 billion. …gee, that's like, the same and stuff. But anyway, the good news to be taken from the Q2 results is that Sony said they sold 3.2 million PS3 units during the quarter, which brings the total amount to 27 million worldwide to date. The $654 million overall loss is attributed to falling PS2 and Viao sales and the appreciation of the Japanese yen.
Those 3.2 million PS3 units sold means it topped the Xbox 360 in the second quarter, which is exactly what Sony desires at this point. And in looking down the road, it seems very likely that, given the new $299 price point, loaded software lineup, increasing Blu-Ray popularity, and vastly improved marketing campaign, the PS3 will continue to outsell the 360. Like we said at the start, it's all in how you look at it.