Nintendo posts first annual loss of $460 million

Nintendo has announced its first annual operating loss following a lukewarm response to its new 3DS handheld and an aging Wii console -- set to be replaced later this year. Nintendo made an operating loss of 37.3 billion yen ($459.54 million) from 2011 to 2012, but intends to spin it around to a 35 billion yen operating profit in the forthcoming year. Net sales have dropped by 36.2 percent, despite price cuts on its existing hardware like the 3DS and Wii. The Japanese games manufacturer has also seen increased competition from new rivals like Apple and Android manufacturers as mobile gaming continues to go from strength to strength. Nintendo also laid some of the blame at the weakened yen in international markets.

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Nintendo posts first annual loss of $460 million originally appeared on Engadget on Thu, 26 Apr 2012 03:37:00 EDT. Please see our terms for use of feeds.