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Wednesday, January 29, 2014
Slow Wii U Sales Keep Nintendo's Profit Down
Nintendo posted poor results for the third quarter on Wednesday due to disappointing sales for its flagship Wii U console.
The company said its operating profit fell 6.9 percent in October to December to 21.7 billion yen ($211 million), compared to its most recent target for a 35 billion yen ($340 million) loss for the full year.
Nintedo's domestic sales of hardware and software were strong but that overseas sales sagged in the holiday season. Revenue fell 11.5 percent on the year to 302.6 billion yen in the October to December quarter.
The Japanese ocompany cut its full-year sales forecast for the Wii U gaming console to 2.8 million from 9 million on January 17.
Nintendo is due to unveil a new management strategy on Thursday.
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