Nintendo Posts 70 Billion Yen Net Loss in Past Quarter
Posted by James Newton
The results are in
Nintendo's quarterly financial results just appeared on the company's Japanese site and, as expected, the company is still struggling in the market.
Nintendo failed to meet its sales targets set in July 2011, with DS software and the 3DS still dropping short of expectations, missing its ¥240 billion income target by 10%.
This in turn has caused Nintendo to alter its forecast for the current financial year, predicting an overall loss for the first time in its history: it now expects to post a ¥20 billion loss instead of ¥20 billion profit.
Of course the turbulent global economies have also contributed to Nintendo's loss: the strong Yen and dealings with overseas markets caused the company to lose a staggering ¥52.4 billion.
Net sales are down around 40% compared to the same period last year.
There's no need to write Nintendo off just yet, though: although its cash assets have decreased in this quarter, it's still sitting on some ¥591 billion of cash and deposits.