Nintendo slashes profit forecast, cuts Wii target, raises DS estimate

By Patrick Garratt, Thursday, 29 January 2009 08:52 GMT

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Nintendo’s make a heavy cut to its profit forecast this morning, slashing full-year estimates 33 percent to 230 billion yen ($2.6 billion) in the 12 months ending March 31, less than the 345 billion yen forecast in October.

The yen’s strength’s to blame, said the company, which now expects to posts 200 billion yen loss this fiscal year because the currency’s appreciation.

Sales for the year will be up, Nintendo said, expected to show a rise of 8.8 percent to 1.82 trillion yen, less than its earlier forecast for 2 trillion yen.

Nintendo also adjusted its Wii hardware sales estimate for the year today, lowering it to 26.5 million for the year to March, down from its previous target of 27.5 million units.

It raised its DS forecast, however, to 31.5 million units from 30.5 million units.

Swings, roundabouts, etc.

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