Nintendo Cuts Its Annual Profit Forecast In Half Following Sales Slump
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There’s more bad news for Nintendo, which has slashed the profit estimate for its financial year by more than 50 percent amid slowing sales and a stronger than expected yen. In an announcement today [PDF], the Japanese firm lowered its net profit forecast from 35 billion yen ($310 million) to 17 billion yen ($151 million).
Overall revenue for the year is tipped to come in at 500 billion yen; that’s around $4.4 billion and 12 percent lower than originally expected. The company’s operating profit forecast was also cut, dropping down one-third to 30 billion yen ($265.7 million).
The re-evaluation follows Nintendo’s Q3 financial results which, released earlier this month, saw profit and income fall by 18 percent and 36 percent year-on-year, respectively. Added to that factor, Nintendo said the Japanese yen has performed stronger than had been forecast, which has also cut into its predictions.
Beyond its end-of-year targets, Nintendo also lowered final quarter sales estimates for the Nintendo 3DS and 3DS games, although it did raise expectations for Wii (17 percent) and Wii U (75 percent) games.
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