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Nintendo Earnings Collapse

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By Douglas A. McIntyre Published
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Nintendo earnings collapsed and so did its forecast. The firm said it would launch a new version of the Wii by year end in the hope that it can reverse its fortunes. That may not be so easy. Sony’s (NYSE: SNE) PS3 has gained market share, and Microsoft’s (NASDAQ: MSFT) new Xbox Kinect has helped it take the lead in sales in some markets

According to Bloomberg:

The net loss in the year ending in March may be 65 billion yen ($838 million), compared with an earlier forecast for a loss of 20 billion yen, the Kyoto, Japan-based company said in a statement today. Today’s figure was more than the average loss of 29 billion yen forecast by 18 analysts tracked by Bloomberg.

President Satoru Iwata, who cut 3DS prices by as much as 40 percent last year, said he expects full-year sales of 14 million units for the device that shows images in 3-D, down from an earlier forecast of 16 million. The creator of “Super Mario Bros.” games is predicting its first annual loss in at least three decades because of a surging yen and a consumer preference for gaming on the iPhone and iPad that helped Apple more than double profit in the quarter.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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