Cheer up, it only means you'll have to make do with one gold-plated Ferrari this year instead of two

Nintendo has just released its financial statement for the previous quarter and the results make for interesting reading.

Despite the fact that the manufacturer is beating away all competition from rivals such as Sony and Microsoft, net sales were down down by 40% compared to the previous year. Net income was also down at ¥42.3 billion, which represents a 60% fall.

The company had this to say about the results:

In the console business, there were fewer blockbuster software titles that briskly drove hardware sales this June quarter versus the same period a year ago when titles like Mario Kart Wii and Wii Fit were launch in overseas markets.

Those drops sound big but it's important to remember that Nintendo isn't losing money, but rather the company just isn't making as much profit as previously. And in the current economic climate, that's understandable.