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Nintendo sees operating loss for the second year in a row, poor Wii U sales

Nintendo reports operational loss for the second time in as many years

| Business, Financial & Legal News | Posted: Apr 24, 2013 3:27 pm

Things are looking pretty middle of the road for gaming giant Nintendo as the company just closed out its financial year with an operational loss, but saw gains in net income.

 

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Nintendo is expected to announce an 18.7 billion dollar loss for the 2012 fiscal year that just ended March 31st. This will be the company's second yearly loss and the red margins can be attributed to weak sales numbers of the Wii U console. Nintendo's CEO Satoru Iwata has predicted the company will post a 100 billion-yen operating profit for the 2013 fiscal year.

 

"I don't think Nintendo can achieve 100 billion yen," said Yoshikazu Shimada, an analyst at Tachibana Securities Co. "It's hard for Nintendo to meet the target despite the weak yen's tailwind." Hideki Yasuda, a Tokyo-based analyst at Ace Securities Co. also criticized the CEO saying, "Iwata hasn't produced good results in recent years. He can't avoid being criticized."

NEWS SOURCES:Bloomberg.com

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