Japanese newspaper Nikkei is reporting that Nintendo is expected to post losses of approximately $1.32 billion for the first half of 2011.
It’s been a bit of a rough year for Nintendo. the 3DS’ somewhat mixed reception, the growth of the smartphone and tablet markets and the strong yen have all contributed to the company’s current financial woes. Nintendo is expected to post a recurring loss of about 100 billion yen (approximately $1.32 billion) during its announcement of its July-September earnings tomorrow morning, according to Japanese newspaper Nikkei (via Reuters).
The 3DS has so far failed to set the handheld market alight in the same way that its predecessor the DS did, though August’s price drop has helped contribute to a boost in sales. a lack of quality titles is holding the system back, however, and many more casual gamers are turning to devices such as the iPhone and iPad rather than dedicated gaming handhelds. Nintendo is counting on its holiday lineup to help revitalize the system, but has also announced a DSi XL bundle for the holiday season, suggesting it doesn’t want to completely leave behind the 3DS profitable predecessor just yet.
Nintendo’s expected loss is almost double the 55 billion yen loss the company originally forecast. Nikkei reports that the company has incurred 40 billion yen simply in foreign exchange losses, mostly against the Euro. Shares in the company plummeted by around 7.5% to 10,800 yen following the newspaper’s report.
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