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Nintendo reported results from the nine months ending December 31, 2011 with a lot of bad news. Investors will need to get used to this as the company doesn’t see better times ahead anytime soon.
Kicking off the disappointing news, was a 32 percent sales decline to YEN 556.2 billion ($7.2 billion) during the nine months ending on December 31 as compared to the previous 2010 period. Nintendo also had a YEN 48.4 billion (about $625 million) net loss versus 2010′s near profit of YEN 50 billion.
With the loss, the company has now cut forecasts and will see its first annual annual operating loss of YEN 45 billion yen ($581 million), passing analysts of a YEN 4.2 billion loss. Revised earnings for the full fiscal year (ending March 31) are now YEN 660 billion versus the previously estimated YEN 790 billion.
Nintendo was transparent about the poor time period and said that yes, the company is struggling with slow Nintendo 3DS sales during the fiscal year’s first half and a strong yen, according to CNET. The company noted that the Nintendo “significant” 3DS price cut, from $249 to $169, hit revenue hard.
More bad news for the company included …
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