Nintendo Reports First Loss in 30 YearsCategory: Gaming
Posted: April 29, 2012 09:04AM
Nintendo has announced that it experienced its first yearly loss since it began reporting financial information in 1981. The $534 million loss came on revenue of $8 billion for the year that ended March 31. Sales on the Wii console and DS handheld have slipped, while a "weaker-than-expected yen" helped to mitigate the losses. The increasing popularity of smartphones and tablets have begun to erode the mobile gaming dominance that Nintendo has enjoyed for years. The 3DS handheld had lackluster performance, causing Nintendo to slash the price to the point of taking a loss on every unit sold. The Wii U is the next console expected from Nintendo, which the company hopes will help to improve financials in the coming year.