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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Nintendo sees slowdown ahead Thu May 7, 2009 9:30am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Kiyoshi Takenaka and Yumi Horie TOKYO/OSAKA (Reuters) - Nintendo Co Ltd reported a 42 percent fall in quarterly operating profit as the yen's strength outweighed robust game sales, and the Japanese video game maker forecast a bigger-than-expected 12 percent profit decline this year, pressuring its shares. Despite the slide in quarterly profit, Nintendo has fared much better than many other consumer electronics makers. Sony Corp, for instance, is deep in the red, hurt by a strong yen, feeble demand and ballooning restructuring costs. Nintendo, vying with Microsoft Corp and Sony, has weathered the financial crisis relatively well as consumers continue to spend on games seen as affordable entertainment while cutting back on big-ticket items such as cars. Nintendo expects its operating profit, a measure of a company's core earnings strength, to fall 11.8 percent to 490 billion yen ($5 billion) in the year to March 2010 due to a firmer yen. That is about 5 percent below a 517.4 billion yen profit consensus in a poll of 25 analysts by Thomson Reuters. It would be Nintendo's first annual operating profit decline in four years. At the net level, Nintendo forecast a 7.5 percent rise in profit this financial year to a record 300 billion yen, falling short of the market consensus of a 325.7 billion yen profit. "It is true these numbers are below market expectations. But they are not at all surprising as they tend to make conservative predictions at first," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management. "Having said that, a period of break-neck growth now seems to be behind them," he said. Nintendo's operating profit has soared over the past three years, driven by its twin growth engine of the Wii and DS, which have far outsold rival machines from Sony and Microsoft. But Sony's PlayStation 3 sold more units than the Wii in March and April in Japan thanks to the launches of new game titles, raising investor worries the Wii's dominant position may start to erode in overseas markets as well. The stock has lost 21 percent since the start of the year, underperforming a 6 percent gain in the Nikkei average. But in the larger U.S. market, the Wii was still well ahead of the PS3 in March, the most recent data shows. "I'm afraid views that the U.S. game market just follows whatever has happened in Japan are a little too simplistic," Nintendo President Satoru Iwata told a news conference. FIGHT BACK In a move to shore up Wii demand, Nintendo plans to launch its highly anticipated "Wii Sports Resort" software in June. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Irish student's Jarre wiki hoax dupes journalists also on reuters Blog: Networks promise recession victims an edge For sale: tropical islands at recession-friendly prices Commentary: Go herbal or Western? 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