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Xbox Price Cut $50

8/07/2007 08:43:00 AM Eastern

Redmond, Wash. — Microsoft dropped the price on its three Xbox 360 systems today.

The basic Xbox was reduced $50, to $349, while the core Xbox was dropped $20, to $279, and its elite system was cut $30, to $449, according to published reports. The move follows the $20 price cut on the Xbox add-on HD DVD player last month.

Sony cut the price on its 60GB PlayStation3 by $100, to $499, in mid-July. The new 80GB version, shipping this month, will cost $599.