Nintendo 1Q Profit is Up
Nintendo CO’s profit for Quarter One rose by 34% as sales of its hit Wii console shot up. The resuly also emphasizes strong Sales of Video games.
Nintendo sold 5.2 million Wii machines worldwide during the quarter — 1.7 million than for the same period last year. It also sold 3.4 million “Wii Fit” games and 6.4 million “Mario Kart Wii” games. The Wii, with its trademark remote controller, has made a success against the PlayStation 3 from Japanese rival Sony Corp., which went on sale about the same time, as well as against the Xbox 360 from Microsoft Corp.
Nintendo kept its profit forecast for the fiscal year through March 2009 at 325 billion yen ($3 billion), up 26 percent from the record profit in the previous financial year. Its sales outlook was steady at 1.8 trillion yen ($16.8 billion) sales, up 7.6 percent from the previous year.
Nintendo lost 26.3 billion yen ($246 million) in its quarterly sales for strengthening Yen which gained about 15 percent against the dollar. But, good Wii sales were enough to offset the losses. Nintendo shares gained 3.6 percent to 57,600 yen ($538) in Tokyo before the earnings were announced.
Source: AP
Filed under Business News, Game Software, Video Game