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May 25, 2017

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Japan videogame giant Nintendo slashes annual net profit forecast

TOKYO -- Japanese videogame giant Nintendo on Wednesday slashed its annual net profit forecast by more than half and said it remained in the red as it prepares to launch the revamp of the Wii game console.

The Kyoto-based maker of the DS and Wii consoles said it now expects a net profit of 6 billion yen (US$75 million) for the year to March, sharply lower than its earlier forecast of 20 billion yen.

It also posted a 28-billion-yen net loss for the six months through September, sharply lower than the 70.27 billion shortfall in the same period a year ago.

Sales in the first half were down 6.8 percent to 200.99 billion yen, it said.

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