Economy, Sci & Tech

Nintendo Cuts Global Profit Forecasts

Nintendo Cuts Global Profit ForecastsNintendo Cuts Global Profit Forecasts

Japanese game-maker Nintendo Company slashed its full-year profit forecast due to a stronger yen and weaker-than-expected sales of its 3DS handheld gaming consoles and software. Nintendo said it now expects 33 billion yen ($293 million) in operating profit for its fiscal year through March instead of a previously expected 50 billion yen. It also cut its net profit forecast to 17 billion yen from an earlier 35 billion yen, Reuters reports. The company disappointed gaming fans in October when it said it pushed back the much-awaited launch of its videogame service for smartphones by a few months to March 2016. Nintendo has had limited official exposure in the Iranian market due to the absence of official distribution contracts during their peak years.  This is while their fellow Japanese competitor Sony Playstation has had better luck in the local distribution market due to their machines being locally modified.