Nintendo Stock Tumbles After Grim Sales Forecast
Wii U likely to sell less than a third of estimates, company admits
The gaming giant responsible for the Super Mario Bros. and Tetris is facing some rough terrain, as grave loss estimates caused Nintendo’s stock to tumble Monday.
Nintendo forecasted an operating loss of $35 billion yen ($335.2 million) on Friday for the fiscal year ending in March, a big swing from the 100 billion-yen ($957.7 million) profit it had previously forecast, reports CNN. Meanwhile, the company dramatically reduced estimates for global sales of its Wii U console from 9 million to 2.8 million.
Shareholders quickly responded and the stock closed more than 6% lower Monday.
The company has resisted expanding into increasingly popular online gaming and entertainment-based features, and unlike its competitors Microsoft and Sony, Nintendo hasn’t pushed their gaming consoles into integrated computing devices.
[CNN]
Read more: Nintendo Stock Plummets After Grim Sales Outlook | TIME.com http://business.time.com/2014/01/20/nintendo-stock-tumbles-after-grim-sales-forecast/#ixzz2qxOMGKTK
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