Nintendo cuts its outlook
The video game developer lowers its fiscal-year earnings and sales forecasts, saying its new 3-D game machine will not arrive in time for the holidays.
By Joseph Woelfel, TheStreet
Nintendo lowered its earnings and sales outlook for the fiscal year ending in March 2011 because of a stronger-than-expected rise in the yen, its current sales performance and sales forecasts for the holiday season.
Nintendo, in a statement on its Web site Wednesday, said it expects revenue of 1.1 trillion yen ($13.15 billion), down from its previous forecast of 1.4 trillion yen. It lowered its earnings forecast for next fiscal year to 90 billion yen ($1.08 billion), down from its original guidance of 200 billion yen.
The company said its lowered expectations also reflect the fact that its new 3DS game system will not launch in time for the holiday season. The new game machine, with glasses-free 3-D technology, will make its debut in Japan in February; it will launch in Europe and the U.S. in March.
Nintendo had promised to deliver the 3DS sometime before April of next year, so the announcement doesn't signal a delay, The Associated Press reports. There had been speculation and hope that the machine might be available by Christmas.
The 3DS will be priced at 25,000 yen (almost $300).
Copyright © 2014 Microsoft. All rights reserved.
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[BRIEFING.COM] The stock market ended the holiday-shortened week on a mixed note as the Dow Jones Industrial Average shed 0.1%, while the S&P 500 added 0.1% with seven sectors posting gains.
Equity indices faced an uphill climb from the opening bell after disappointing quarterly results from Google (GOOG 536.10, -20.44) and IBM (IBM 190.04, -6.36) weighed on the early sentiment. Google reported earnings $0.15 below the Capital IQ consensus estimate on revenue of $15.42 ... More
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