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More likely than not, PSN is bleeding money.

Look at the Games Division financials. Not all those losses are attributed to just PS3 Hardware - unless you think hardware is losing $500 per unit - WHICH IT IS CLEARLY NOT ANYMORE.

Agree with Bod:
Losing Money:
PS3 hardware
PSN (not so much losing money, if it is not really an actual business segment, but COSTING money, nonetheless)

Maybe:
PS3 software (including development costs, etc)
PSP software (don't know much about this)