Nintendo to see profit fall for first time since 2004
On Thursday, Nintendo will report its earnings for the fiscal year ended March 31st, and for the first time since 2004, its profit is expected to be lower than the previous year’s.
The company says it expects a profit of 230 billion yen ($2.42 billion USD), down from their record fiscal 2009 where the company made 279 billion yen ($2.94 million USD).
Nintendo blamed the lowered profits on a strong yen last year, and the price cut on the Wii console last October, from $250 to $200 USD.
Analysts had expected a full fiscal year profit of 229 billion yen.
The company is also expecting to have sold 20 million Wii units and 30 million DS/DSi during the period, but some analysts seem to think they are sandbagging. “We are expecting the results to be better than the company forecasts for the Wii,” notes Yuta Sakurai of Nomura Securities. “Christmas shopping was strong.”
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