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Nintendo cuts profit outlook ahead of Wii U launch Nintendo cuts profit outlook ahead of Wii U launch
(about 2 hours later)
Nintendo has cut its annual profit outlook by almost half as a strong yen and falling console sales weigh on earnings while it readies the launch of the successor to the Wii , which it hopes will reboot earnings growth. Nintendo has cut its annual profit outlook by almost half as a strong yen and falling console sales weigh on earnings while it readies the launch of the successor to the Wii , which it hopes will boost earnings.
For the year to 31 March, the creator of Super Mario lowered its operating profit forecast to ¥20bn (£157m) from a ¥35bn forecast in July. That compares with a consensus estimate by 21 analysts surveyed by Thomson Reuters of a ¥27bn profit.For the year to 31 March, the creator of Super Mario lowered its operating profit forecast to ¥20bn (£157m) from a ¥35bn forecast in July. That compares with a consensus estimate by 21 analysts surveyed by Thomson Reuters of a ¥27bn profit.
Its operating loss for the three months to 30 September edged down to ¥18.8bn from a loss of ¥19.6bn a year ago, and compared with an average loss forecast of ¥16bn from four analysts.Its operating loss for the three months to 30 September edged down to ¥18.8bn from a loss of ¥19.6bn a year ago, and compared with an average loss forecast of ¥16bn from four analysts.
Nintendo's Wii U, the successor to its 100 million-selling Wii machine, is set to go on sale in the United States on 18 November. The first hardware offering from Nintendo in six years boasts a tablet-like touch screen controller and a social network, and lets users record TV shows through TiVo and other digital recording services. Nintendo's Wii U, the successor to its 100m-selling Wii machine, is set to go on sale in the US on 18 November. The first hardware offering from Nintendo in six years boasts a tablet-like touch-screen controller and a social network, and lets users record TV shows through TiVo and other digital recording services.
Yet growing competition from tablet PCs and smartphones that are increasingly eating into the £50bn gaming market mean the Japanese company, which began making playing cards more than a century ago, may struggle to repeat the hit it had with the Wii. YHowever, growing competition from tablet PCs and smartphones that are increasingly eating into the £50bn gaming market mean the Japanese company, which began making playing cards more than a century ago, may struggle to repeat the success it had with the Wii.
Its success or failure will also provide a clue to rivals Sony and Microsoft as to whether advanced games machines can hold back the challenge from mobile devices.Its success or failure will also provide a clue to rivals Sony and Microsoft as to whether advanced games machines can hold back the challenge from mobile devices.
Nintendo said on Wednesday it expects to sell 5.5m Wii U machines by 31 March, the first time it has released a sales target for the device. Nintendo said on Wednesday it expected to sell 5.5m Wii Us by 31 March, the first time it has released a sales target for the device.
The company lowered its full-year forecast for sales of its handheld 3DS by a million, to 17.5m. Weak demand for the new 3DS, launched in February last year, forced Nintendo to slash the price of the gadget by about one-third a year ago.The company lowered its full-year forecast for sales of its handheld 3DS by a million, to 17.5m. Weak demand for the new 3DS, launched in February last year, forced Nintendo to slash the price of the gadget by about one-third a year ago.
The company stuck with its forecast to sell 2.5m DS handhelds for the 12 months.The company stuck with its forecast to sell 2.5m DS handhelds for the 12 months.
Nintendo also revised its forecast for the euro-yen currency rate to ¥100 from ¥105 for the business year. It kept its forecast for a dollar-yen rate of ¥80.Nintendo also revised its forecast for the euro-yen currency rate to ¥100 from ¥105 for the business year. It kept its forecast for a dollar-yen rate of ¥80.
Since the start of the business year, Nintendo's shares have fallen 17%, compared with an 11% drop in Japan's benchmark Nikkei average. Its shares fell 1.7% to ¥10,290 on Wednesday before the company released its results for the quarter. The Nikkei fell 0.7%.Since the start of the business year, Nintendo's shares have fallen 17%, compared with an 11% drop in Japan's benchmark Nikkei average. Its shares fell 1.7% to ¥10,290 on Wednesday before the company released its results for the quarter. The Nikkei fell 0.7%.
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Strong yen and falling sales hit Nintendo as it prepares for first hardware launch in six yearsStrong yen and falling sales hit Nintendo as it prepares for first hardware launch in six years
Nintendo has cut its annual profit outlook by almost half as a strong yen and falling console sales weigh on earnings while it readies the launch of the successor to the Wii , which it hopes will reboot earnings growth. Nintendo has cut its annual profit outlook by almost half as a strong yen and falling console sales weigh on earnings while it readies the launch of the successor to the Wii , which it hopes will boost earnings.
For the year to 31 March, the creator of Super Mario lowered its operating profit forecast to ¥20bn (£157m) from a ¥35bn forecast in July. That compares with a consensus estimate by 21 analysts surveyed by Thomson Reuters of a ¥27bn profit.For the year to 31 March, the creator of Super Mario lowered its operating profit forecast to ¥20bn (£157m) from a ¥35bn forecast in July. That compares with a consensus estimate by 21 analysts surveyed by Thomson Reuters of a ¥27bn profit.
Its operating loss for the three months to 30 September edged down to ¥18.8bn from a loss of ¥19.6bn a year ago, and compared with an average loss forecast of ¥16bn from four analysts.Its operating loss for the three months to 30 September edged down to ¥18.8bn from a loss of ¥19.6bn a year ago, and compared with an average loss forecast of ¥16bn from four analysts.
Nintendo's Wii U, the successor to its 100 million-selling Wii machine, is set to go on sale in the United States on 18 November. The first hardware offering from Nintendo in six years boasts a tablet-like touch screen controller and a social network, and lets users record TV shows through TiVo and other digital recording services. Nintendo's Wii U, the successor to its 100m-selling Wii machine, is set to go on sale in the US on 18 November. The first hardware offering from Nintendo in six years boasts a tablet-like touch-screen controller and a social network, and lets users record TV shows through TiVo and other digital recording services.
Yet growing competition from tablet PCs and smartphones that are increasingly eating into the £50bn gaming market mean the Japanese company, which began making playing cards more than a century ago, may struggle to repeat the hit it had with the Wii. YHowever, growing competition from tablet PCs and smartphones that are increasingly eating into the £50bn gaming market mean the Japanese company, which began making playing cards more than a century ago, may struggle to repeat the success it had with the Wii.
Its success or failure will also provide a clue to rivals Sony and Microsoft as to whether advanced games machines can hold back the challenge from mobile devices.Its success or failure will also provide a clue to rivals Sony and Microsoft as to whether advanced games machines can hold back the challenge from mobile devices.
Nintendo said on Wednesday it expects to sell 5.5m Wii U machines by 31 March, the first time it has released a sales target for the device. Nintendo said on Wednesday it expected to sell 5.5m Wii Us by 31 March, the first time it has released a sales target for the device.
The company lowered its full-year forecast for sales of its handheld 3DS by a million, to 17.5m. Weak demand for the new 3DS, launched in February last year, forced Nintendo to slash the price of the gadget by about one-third a year ago.The company lowered its full-year forecast for sales of its handheld 3DS by a million, to 17.5m. Weak demand for the new 3DS, launched in February last year, forced Nintendo to slash the price of the gadget by about one-third a year ago.
The company stuck with its forecast to sell 2.5m DS handhelds for the 12 months.The company stuck with its forecast to sell 2.5m DS handhelds for the 12 months.
Nintendo also revised its forecast for the euro-yen currency rate to ¥100 from ¥105 for the business year. It kept its forecast for a dollar-yen rate of ¥80.Nintendo also revised its forecast for the euro-yen currency rate to ¥100 from ¥105 for the business year. It kept its forecast for a dollar-yen rate of ¥80.
Since the start of the business year, Nintendo's shares have fallen 17%, compared with an 11% drop in Japan's benchmark Nikkei average. Its shares fell 1.7% to ¥10,290 on Wednesday before the company released its results for the quarter. The Nikkei fell 0.7%.Since the start of the business year, Nintendo's shares have fallen 17%, compared with an 11% drop in Japan's benchmark Nikkei average. Its shares fell 1.7% to ¥10,290 on Wednesday before the company released its results for the quarter. The Nikkei fell 0.7%.