Thursday, July 28, 2011

Nintendo Slashes Prices After First Ever Loss; Shares Plummet 30% -- A sign of the times for Japan's economy?

Japanese video game specialist Nintendo is slashing the cost of its 3DS hand-held player following weak sales.

The decision was announced after the company announced its first ever quarterly operating loss, which came as a shock to the markets.

The loss figure for April-June came in at $483.6m (£296.1m) while its annual operating profit forecast was also slashed.

Nintendo kept its full-year sales forecast for the 3DS at 16 million but said that was because it would cut the device's suggested retail price worldwide.

In Europe, the figure falls by "around a third", according to a company statement.

The move comes into force on August 12. (more)