For the most recent quarter ending in June, Nintendo showed a 5.1 billion yen ($64.5 million) loss. According to Reuters, analysts were predicting a four billion yen loss ($50.6 million). But don’t worry. There’s hope.
Nintendo showed a group net loss of 24.53 billion yen ($310.3 million) for the quarter, Kyodo reports (via The Japan Times, where I am a columnist).
This comes as investors were confused over how Pokemon GO will benefit Nintendo, causing stock prices to plummet.
Nintendo, who does 70 per cent of its business outside of Japan, blamed the larger than expected loss on the strong yen. Sluggish hardware sales didn’t help, either.
During the same period last year, however, Nintendo netted a 1.15 billion yen ($14.5 million) profit, Reuters adds.
For the rest of the financial year, Nintendo forecasts its operating profit to climb 37 per cent. More optimistically, Pokemon GO has shown huge potential for other Nintendo smart apps, and there’s also the NX around the corner.