Poor sales of its Wii gaming console pulled down profit
Nintendo’s nine-month profit fell 74% per cent to $603m.
Poor sales of the Wii home gaming console and a strong yen are reportedly the reason for the fall in profit.
The results have reportedly forced the Japanese video gaming company to cut down sales expectations for its video game devices.
The company slashed earnings forecasts last fall and announced that its new 3DS game console would not be ready for the holiday shopping season. It then reported a first-half loss — its first since 2003.
The company reported a net profit of $603m for the April-December period. It posted a 192.6bn yen profit for the same nine months a year earlier.
Sales dropped 32% to 808bn yen, while operating profit fell 47% to 158.8bn yen.
Nintendo said it will sell 16 million Wii consoles in the fiscal year through 31 March. That’s 1.5 million lesser than it predicted in its previous forecast.
Nintendo President Satoru Iwata told the Japanese daily Nikkei earlier this month that his company plans to sell about 1.5 million units of the 3DS in Japan in the first month.
The 3DS goes on sale on 26 February in Japan for a $304.