Nintendo Expects Dramatically Lower Annual Profit

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NintendoNintendo reported certain financial results for its fiscal nine-month period ended December 31, 2008. More importantly, Nintendo revised its net profit estimates for the year ending March 31, 2009 substantially downward.
Over the first three quarters of its fiscal year, Nintendo reported net profit of ¥212.524 billion (around $2.3 billion) compared to ¥258.929 billion in the same period the previous year. Nintendo attributes much of this decline to currency exchange rates resulting in certain assets held in non-yen currencies needing to be marked down.

Nintendo also expects that its net profit for the full fiscal year will be ¥230 billion, down from the company's previously announced expectation of ¥345 billion. The company made this revision due to the expectation of lower global hardware and software sales, along with disadvantageous movements in currency exchange rates.

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This page contains a single entry by Editor published on January 29, 2009 2:17 AM.

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