Nintendo expects loss for current financial year; cuts Wii U sales forecast by 69%

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Gaming console maker, Nintendo, says it expects the company’s operating loss to be around 35 billion yen ($336 million) and net loss of ¥25 billion ($240 million) for the year ending March revising its previous forecast of a 100 billion yen profit.

The company also cut its global Wii U sales forecast to 2.8 million units for the present financial year from 9 million units, indicating almost a 69 percent drop and 3DS sales forecast to 13.5 million units from 18 million units.

Nintendo revealed that in the first half of 2013 it managed to sell only 0.46 million Wii U systems.

The Kyoto, Japan-based company admitted that it failed to boost its gaming console sales in the holiday season as “hardware sales did not reach their expected level.”

The Wii U maker in a statement to the Tokyo stock exchange said that “We can no longer expect our financial performance to recover in the current fiscal year”.

“It is now expected that our sales will fail to meet our previous forecast by a large margin,” President Satoru Iwata said at a press conference today. “We can no longer expect our financial performance to recover in the current fiscal year.”