Nintendo Posts Lower Results, Raises Full-Year Loss Estimate
NEW YORK - Nintendo on Thursday reported a loss for the first nine months of its fiscal year, projected a higher loss than previously expected for its full year and lowered sales projections for its Wii video game console and its 3DS portable gaming device.
Japan-based Nintendo said its loss for the nine months ended December amounted to 48.4 billion yen, or about $630 million, down from a profit of 49.6 billion yen in the year-ago period. Weaker product sales, a price cut for the 3DS and a strong yen that means a hit to overseas earnings were among the factors affecting the results. Revenue for the nine months fell 31 percent.
The company reiterated its projection for its first-ever annual loss for its full fiscal year, but it said it will turn out higher than previously thought. The loss is now expected to reach 65 billion yen ($840 million) after the previous forecast for a loss of 20 billion yen. Nintendo had reported a 77.62 billion yen profit for the last fiscal year.
Nintendo said it expects to sell about 10 million Wii consoles during the current fiscal year, down from its previous target of 12 million. It also projected 14 million 3DS device sales, down from a previous target of 16 million.