Spanning over millions of consoles, that's a substantial amount. In the pioneer days of the PS3, Sony intended for it to break even early on. Streamlined manufacturing and other improvements gave them cost savings, but not enough to beat the market. To compete with Nintendo and Microsoft, Sony was forced to cut the PS3 price down back in August.
Sony is still third in current-gen console sales, trailing Microsoft by upwards of 7 million units -- though, the gap is slowly closing with Sony's price cuts.