Nintendo Wii U Sales Miss Target
Nintendo Co. swung to a net profit in the just ended fiscal year, helped by a weaker yen, though it also reported slow initial sales of its Wii U console amid increasing competition from games on smartphones.
The Kyoto-based company reported on Wednesday that its net profit of 7.10 billion yen ($71.7 million) for the year ended in March, from a loss of ¥43.20 billion in the previous year. The result missed a consensus forecast for a ¥14.05 billion profit by 15 analysts polled by Thomson Reuters. The creator of Super Mario reported an operating loss of ¥36.41 billion for the 12 months, compared with a loss of ¥37.32 billion a year earlier, on revenue of ¥635.42 billion, down 1.9 percent.