Nintendo report crippling financial losses

Japanese publishing giant Nintendo is reporting that its net loss grew to 70.3 billion yen (US$925 million) for the six months through September, battered by the strong yen and weak software sales.

The maker of the Wii console and DS handheld slashed its forecast for the full year through next March to a 20 billion yen (US$263 million) net loss, it said in a statement. In July, it had predicted an annual net profit of 20 billion yen.

Nintendo’s 3DS handheld, which offers 3D gaming without 3D glasses, has been disappointing since it went on sale in Japan and overseas.

The company has been fighting hard to win back customers ahead of the critical holiday season, slashing the price of the 3DS, and is releasing more games, including 3D versions of its flagship Super Mario titles.

Nintendo has reported that 3DS sales had climbed back post-price drop, but in the meantime, all eyes are on the company’s holiday 3DS line-up and next year’s Wii U launch.