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Nintendo financial outlook looks hazy by
VGLN Staff
Saturday, October 5, 2002
Lower than expected earning projections have investors in a glum mood.
Nintendo Co. has cut its net profit outlook for the fiscal year ending March 2003, due to a stronger yen and a global slowdown in sales of its videogame machines.
The company is now expecting group net profit to be 80 million yen (approximately $652 million U.S.), down from a previous estimate of 90 billion yen (approximately $733.5 million U.S.).
Nintendo also lowered its expected fiscal year pretax profit outlook to 110 billion yen (approximately $896.4 million U.S.) from a previous forecast of 150 billion yen (approximately $1.2 billion U.S.).
Previous shipment outlooks for the fiscal year had Nintendo issuing 12 million GameCube units worldwide and 19 million Game Boy Advance units. That number has been pared to expected shipments of 10 million GameCube units and 15 million GBA units.
Nintendo will also post a 19 billion yen (approximately $155 million U.S.) “special” profit from the recent sale of its ownership in game developer Rare.
