Nintendo Net Drops 66 Percent
Nintendo Co. said Monday full-year net profit was down for the second straight year, damped by sluggish sales of its DS handheld game device and Wii home console.
The Japanese videogame maker said its net profit for the fiscal year ended March 31 was ¥77.62 billion ($944.5 million), down 66 percent from the year-earlier ¥228.64 billion. Revenue was down 29 percent to ¥1.014 trillion while operating profit was off 52 percent to ¥171.08 billion. Analysts polled by Thomson Reuters had forecast a net profit of ¥142.41 billion and revenue of ¥1.079.
Nintendo also said it plans in 2012 to launch a home console to replace the Wii, which has sold 86 million units since its 2006 debut. The company said it plans to show a working model at June’s E3 Expo in Los Angeles.