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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Nintendo suffers first quarter loss on yen strength AFP - Friday, July 30 Send IM Story Print TOKYO (AFP) - – Videogame giant Nintendo Co. said Thursday it sank into the red for the three months ended June as the yen's recent strength ate into profits and as it cut the price of its popular DS handheld console. The maker of the hit series "Super Mario Bros" said it suffered a net loss of 25.2 billion yen (288 million dollars) for the first quarter, compared with a net profit of 42.3 billion yen a year earlier. "Appreciation of the yen and the lowering of the price of Nintendo DS hardware in Japan and in Europe adversely impacted net sales and operating income," Nintendo said in a statement. The results illustrate that the strength of the yen is weighing on Japanese exporters, eroding overseas profits and mitigating a recovery in consumer demand. Foreign exchange losses came to 70.5 billion yen for the quarter, said Nintendo, whose sales outside of Japan make up 87 percent of its total. The Kyoto-based company also said that lowering prices of its hardware amid a sales slowdown was pressuring its net sales and operating income. Last month, Nintendo slashed the price of its portable DS game consoles by 20 percent in Japan for the first time in an effort to revive flagging demand for its products. Operating profit plunged 42.2 percent to 23.3 billion for the three months, while revenue dropped 25.6 percent to 188.6 billion. However, for the full fiscal year through March, Nintendo maintained a net profit forecast of 200 billion and an operating profit of 320 billion yen on revenue of 1.4 trillion yen. Nintendo sold 3.04 million Wii machines worldwide for the quarter, up from 2.23 million units a year earlier, as sales in America more than doubled to 1.8 million units. Nintendo released a total of 112 software titles for the Wii worldwide during the quarter, including "Super Mario Galaxy2" and "New Super Mario Bros Wii." But the company's Nintendo DS handheld game device sold 3.15 million units, down from 5.97 million for the same period last year. "Fewer new software titles contributed to driving hardware sales," Nintendo said. Analysts say that as the impact of machines such as the DS and Wii eventually fade within a saturated market, Nintendo's next move will determine whether it still has the ability to lead the industry. At the Electronic Entertainment Expo last month, Nintendo unveiled a new generation DS handheld videogame system that lets people play in 3D without using special glasses. Sluggish earnings earlier in the fiscal year wouldn't surprise investors much, said Tokai Tokyo Research Center analyst Yusuke Tsunoda. "Investors are now waiting for the 3DS to come out to see how much boost Nintendo can get from it," he told Dow Jones Newswires. Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 30 minutes ago Fed's balance sheet shrinks in latest week Reuters - 31 minutes ago Wynn 2nd-qtr profit doubles on Macau revenue Reuters - 37 minutes ago FOREX-Euro breaks above $1.3100 for first time since May Reuters - 42 minutes ago MetLife posts Q2 earnings of $1.5 billion Reuters - 46 minutes ago News Search Top Stories At least 140 dead in DR Congo river disaster Protestors denounce Arizona immigration law Arabs agree to Israel-Palestinian talks Shell defends deep-water oil production, as profits soar Europe gets new boost as economic confidence surges More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Argentine students crack three-decade-old murder mystery Earth's climate future may be etched in Greenland bedrock 100 days in, Gulf spill leaves ugly questions unanswered Daniel Craig to star in Millennium Trilogy New British lender Metro Bank opens first branch More Most Viewed » Parachuting donkey shocks Russian beachgoers World's first full face transplant man appears on TV Paris Hilton caught with cannabis in handbag Argentine students crack three-decade-old murder mystery Quark by quark, atom smasher closing in on 'God particle' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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