Sony CEO Howard Stringer told Reuters today that PS3’s sales are improving and their consumer electronics business is holding up well, despite the U.S. slowdown.

“PS3 has now gone past XBox on the Christmas market. It’s moving into its own as it gets into higher bandwidth … PS3 is out of the woods and beginning to hold its own,” Stringer said.

With a number of quality exclusives out later this year, and the price cuts, it would seem that PS3 is indeed starting to stretch its legs.

Some were hoping for further price cuts when a rumor surfaced a number of days ago but, unfortunately, it was quickly dismissed by a Sony rep as “rumor and speculation.”