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Nintendo raises annual earnings forecast...again

Filed under: GameCube | Nintendo | Nintendo DS | Nintendo Wii | PS2 | PS3 | PSP | Sony
Posted by Lunabean on October 25, 2007 10:19 AM
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There's just no denying that Nintendo is, in the words of Big Goron, hot, hot, hot.

For the second time this year Nintendo has raised its annual earnings outlook. The company now expects its operating profits to reach 420 billion yen (US$ 3.7 billion) by the end of the fiscal year. This number reflects an 86% increase over the same period one year ago.

Rumors of the earnings upgrade caused Nintendo's stock to jump 7.8 percent yesterday. When the rumors were confirmed today, stocks slid a bit, down 3.5 percent to close at 66,400 yen.



While Nintendo reaps the rewards of its Wii gamble, Sony may be wallowing in the damage of its PS3 gamble. The electronics giant today reported its financial earnings, with mixed results. While the company, as a whole, posted a small operating profit, the games division nearly doubled its losses over last year, to 96.7 billion yen (US$ 841 million).

Adding salt to Sony's wound, Nintendo was able to lift its annual Wii sales target to 17.5 million units (up 1 million from previous reporting, and only 3 million shy of the Gamecube's total sales), while Sony had to admit PS3 sales will probably fall short of its 11 million target this business year.

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