Nintendo has revised its financial forecast for the 2011-2012 fiscal year, predicting a net loss of 65 billion yen ($837 million). In October, it had forecast a net loss of only 20 billion yen ($258 million).
“We had higher expectations for the year-end season, but failed to meet them,” Nintendo president Satoru Iwata told reporters in Osaka, Japan, according to a Reuters report.
Although Nintendo 3DS had a rocky start, Nintendo stuck to its original forecast of 16 million units during the fiscal year on the back of a drastic price cut and the back-to-back releases of killer app software Super Mario 3D Land and Mario Kart 7.
While this did stimulate sales, it didn’t have the effect Nintendo expected and the company revised down its forecast to 14 million 3DS units this fiscal year.
Nintendo also revised down its expectations for Nintendo DS and Wii hardware sales this year, from 6 million to 5.5 million and from 12 million to 10 million, respectively.