Andre Yoskowitz
27 Oct 2011 16:14
Nintendo has confirmed today that it will see its first ever annual net loss, mainly due to a strong yen and weak sales of their software and hardware.
Because the yen continues to strengthen against the USD and the euro, Nintendo has been forced to reduce its earnings.
Additionally, the failed 3DS handheld has caused losses as Nintendo was forced to slash the price of the device just months after launch.
Nintendo will see a loss of 20 billion yen ($258 million) for the quarter. Last year the company had a 30 billion yen gain.
Finally, Nintendo chopped its forecast for 3DS sales down 30 percent to 50 million in its first year of availability.