Nintendo suffers $531.1 million annual loss; first in the company's history
According to today's annual financial report, Nintendo is not doing so hot. The legendary gaming company's been ailing for a while now, and today, it reported its first ever loss for the fiscal year, stating that the company is out ¥43.2 billion ($533 million USD).
The loss is a result of weak sales of the Wii in 2011 and the relative strength of the yen compared to other currencies. In fact, Nintendo's earnings have eroded considerably, with a total operating loss of $460 million, with annual sales plummeting 36% to $8 billion, lower than the forecast both Nintendo and analysts expected. By contrast, Nintendo reported a profit of ¥77.6 billion the year before.
Don't give up hope just yet, though. Nintendo's still in the game at the moment, and with their upcoming console, the Wii U, is slated to go on sale at the end of the year. As such, the company is still optimistic that it can turn things around. Nintendo expects to make it back into the black by the end of March 2013, turning a profit of $247 million.
Here's hoping the Big N is right!
A gamer at heart, Nick started writing when he was a child. He holds a BA in English, works as a freelancer, and loves every minute of it. One day, he hopes to net himself a career in game design - but that's something for the future.
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