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Nintendo Slashes Profit Forecast

Filed under: GameCube
Posted by Lunabean on April 1, 2004 4:44 PM
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Nintendo
Japan's Nintendo Co Ltd has today lowered their projected profit forecasts for the fiscal year ending yesterday by thirty-nine per cent. In January Nintendo predicted profits for the fiscal year to reach 54 billion yen (US$520 million). Today, they are adjusting that prediction to 33 billion yen (US$317 million). Nintendo blames the loss on the yen's current surge against the US dollar.
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Nintendo had an assumed dollar/yen rate of 114 yen for the three months ending March 31. Unfortunately, the dollar has recently slipped to a low of about 104 yen.

After the media report of the forcast revision hit Japan, Nintendo's shares closed down 3.71 percent at 10,120 yen. Nintendo's stock has fallen nine per cent since their profit forecast adjustments in January.

Despite this disappointing news, Nintendo is looking forward to the next fiscal year as they still have strong GBA and Gamecube sales, and they have high hopes for their soon to be released Nintendo DS.









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