Nintendo makes drastic cut to forecast

Nintendo makes drastic cut to forecast | ZDNet: " . . . In a statement released Wednesday (PDF), Nintendo said it expected operating losses of 20 billion yen (US$220 million) for the year ended March 31, 2013, significantly down from its previous estimate of 20 billion yen in operating profit. The figure was also more drastic than market estimates of 12.1 billion yen (US$134 million) in profit, according to a Reuters poll of 19 analysts. . . . In the Reuters report, Nintendo president Satoru Iwata said: "The sales of Wii U were smooth at the beginning, but since the turn of the year they have been losing momentum. "Due to delays in software development, we had to postpone sales of software products we had planned to [release] early this year, which is interrupting our sales," Iwata said. In a ZDNet report in September, market watchers noted that the overall game console market in Asia had been challenged by the rise of online and mobile games, especially when console devices had created a high entry barrier for consumers."

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