Karooo Posted January 29, 2010 Report Share Posted January 29, 2010 Today Nintendo reported financial results for the first three fiscal quarters for its fiscal year ending March 31. The company reported a strong finish to the year, with "robust" holiday sales of Wii, allowing the Big N to beat analysts expectations. Despite a strong holiday sales surge, Nintendo was unable to match the strong year they had in 2008. The company reported $2.14 billion in profits from April to December, down 9.4% from 2008. Revenue also fell 23%, to 1.182 trillion yen (13.14 billion USD), while operating profit fell 41% to 296.66 billion yen (3.3 billion USD). Reasons for the drop in revenue include a 20% price cut of the Wii to $200 prior to the holiday shopping season, as well as a strengthening of the yen against the euro and U.S. dollar, creating lower overseas income when converted into yen. "[Nintendo], which derives 85 percent of its revenue from outside Japan, is particularly vulnerable to foreign exchange fluctuations," reported the Associated Press. "A stronger yen reduces the value of repatriated overseas earnings." Nintendo could see brighter financial times ahead, as it is set to release all three of its biggest blockbuster first-party titles, Super Mario Galaxy 2, Metroid: Other M and Legend of Zelda--within the same 2010 fiscal year. "It really demonstrates that once Nintendo puts out its own software, its fortunes turn around pretty quickly," said Hiroshi Kamide, analyst at KBC Securities. David Gibson, analyst at Macquarie Research in Tokyo, said Nintendo's latest results beat expectations, pointing toward a respectable finish for the full year. "The company is on track to beat their guidance this year," he said. Nintendo maintained its net profit forecast of 230 billion yen (2.55 billion USD) for its fiscal year ending March 31. Link to comment Share on other sites More sharing options...
Karooo Posted January 29, 2010 Author Report Share Posted January 29, 2010 Mods please change the title to, Wii Holiday Sales Surge Helps Nintendo Beat Expectations Link to comment Share on other sites More sharing options...
reaper Posted January 29, 2010 Report Share Posted January 29, 2010 ^^ DUMBASS Link to comment Share on other sites More sharing options...
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