I tend to be bearish on Sony (NYSE:SNE), but even I'll admit that the Japanese electronics giant's most recent quarter had a few brighter spots. Still, there are enough skeptical factors to give would-be investors reason to be wary.

Sony boosted its net income 91.5% to $540 million, or $0.51 per share. Sales increased 5.5% to $16.1 billion. Highlights included electronics, based on the strength of Cybershot digital cameras, the Bravia television, and Handycam video cameras. The segment also benefited from a favorable depreciation of the yen versus the dollar.

Meanwhile, for all of us following the company's PlayStation 3 progress, a recent price cut to 60 GB PS3 models -- more like a clearance sale, really -- is working some magic. The San Jose Mercury News reported that the lower price managed to double sales of the PS3 console.

Of course, on the downside, the company's quarterly press release said that Sony's operating loss for its game segment increased, primarily due to a factor many of us already expected. Sony's had to price the PlayStation 3 lower than its production cost to help drive sales and compete with Microsoft's (NASDAQ:MSFT) Xbox and Nintendo's (OTC BB: NTDOY.PK) Wii. (Like many consoles past and present, Sony's hoping to eventually recoup that expense through lucrative, high-margin licensing fees from games.)

Meanwhile, even the market for popular flat-screen televisions didn't help Sony too much. Although Sony may have impressive products to lure consumers with, its numerous competitors make eventual price cuts seem all but inevitable.

Some observers are highlighting the weaker yen's assistance to Sony's results. The company left its forecast for the year unchanged -- understandable, given fears that macroeconomic concerns might prompt slower sales of consumer electronics. Although Sony's first quarter may have heartening signs, a cautious outlook still seems wise for Foolish investors.

Further sleek, high-tech Foolishness:

Microsoft is a Motley Fool Inside Value recommendation. Nintendo is a Motley Fool Stock Advisor pick. Test drive any of these newsletters free for 30 days.

Alyce Lomax does not own shares of any of the companies mentioned. The Fool's disclosure policy pines for the TurboGrafix 16.