Nintendo Slashes Profit Forecast 82%, Cuts Price of New 3DS
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Nintendo Co., the world’s largest maker of video-game machines, unexpectedly slashed its profit forecast 82 percent after slumping demand for its new 3-D handheld player led the company to cut prices of the product.
Net income may total 20 billion yen ($257 million) for the year ending March 31, compared with Nintendo’s previous estimate of 110 billion yen, the Kyoto-based company said in a statement today. The forecast was almost 70 percent below the lowest of the 21 analyst estimates compiled by Bloomberg.