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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 cuts forecast as Wii loses sparkle Thu Oct 29, 2009 9:26am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By David Dolan and Yumi Horie TOKYO/OSAKA (Reuters) - Nintendo Co Ltd reported a 52 percent slide in quarterly profit on Thursday and slashed its full-year earnings forecast, as its Wii console loses its place as the videogame platform to beat. Demand for Nintendo's family-friendly games has cooled as rivals Sony Corp and Microsoft Corp bolster their catalog of games that appeal to die-hard players. Nintendo's portable game machine, the DS, also faces increasing competition from Apple Inc's iPhone, which has become a popular platform for handheld games. And like other Japanese exporters, Nintendo has been hit by the stronger yen, which eats into the value of overseas profits. The group slashed its annual sales forecast for the Wii by nearly a quarter and in an attempt to reignite demand said it would roll out a large-screen version of the DS. But that falls short of being a real product advance, said Hiroshi Kamide, an analyst at KBC Securities in Tokyo. "A lot of what they're doing seems to be old hat, and therefore what we need to hear is more information about their ideas going forward," he said. "There is still life in the current platforms with the content they can generate themselves, but there is a need for the company to demonstrate that there are new products." Nintendo's operating profit fell to 64 billion yen ($709 million) in July-September from 133 billion a year earlier, missing an average forecast of 90 billion in a poll of four analysts by Thomson Reuters I/B/E/S. Reuters calculated the quarterly figure by subtracting Nintendo's first-quarter results from the first-half figures released on Thursday. LOWER FORECAST Nintendo cut its operating profit forecast for the year to March 2010 by a quarter to 370 billion yen, ending a three-year run during which it booked a record profit. Analysts were expecting a full-year profit of 442.8 billion yen, according to Thomson Reuters I/B/E/S. (For a graphic of Nintendo's quarterly results, click here) Nintendo President Satoru Iwata told a news conference a lack of new, must-have titles had hurt sales of the Wii in the April-September period. "We weren't able to deliver the next thing, but now, at last, we have," he said, referring to the "Wii Sports Resort" that went on sale a few months ago. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Motorola's Droid has Google navigation features Also On Reuters Insider trading and suicide: A buddy story Video Video: From windmill to tap: Inventor makes water from air Slideshow Slideshow: Obama honors returning fallen soldiers More Technology News Google launches music search with Lala and iLike Nintendo to launch larger-screen DS for $222 NBA introduces live games on U.S. mobile devices Amazon.com rolls out shortcut for paying online Crucial holiday season arrives for video game industry More Technology News... More News UPDATE 1-Nintendo's Q2 profit falls 52 pct, cuts forecast 3:22am EDT Nintendo's H1 profit falls 59 pct, cuts forecast 3:11am EDT Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video House Democrats unveil healthcare reform bill Pacquiao set to deliver Cotto knockout, says trainer Controversial couple dominates U.S. medical tourism Insider trading and suicide in Canada: a buddy story Economy returns to growth after a year of declines | Video PepsiCo learns a $1.26 billion lesson over misplaced letter Andre Agassi revelations leave sport in state of shock | Video Iran proposes big changes to draft atom deal: report Obama honors slain soldiers killed in Afghanistan Galleon paid Wall Street banks millions for "edge": report Most Popular Articles RSS Feed Video Month U.S. toll worst of Afghan war Artificial heart breakthrough Agassi admits to crystal meth use Inventor makes water out of air Gunmen target Greek police in attack NASA launches Ares 1-X UN condemns U.S. embargo vs Cuba Obama pay czar looks to 2010 Pakistan bomb as Clinton visits Clinton offers support to Pakistan Most Popular Videos RSS Feed Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Journalism Handbook | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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