Nintendo Confirms Third Consecutive Annual Loss
In light of the under performance of the Wii U, IGN is reporting that Nintendo has confirmed its third consecutive annual operating loss.
According to the company’s financial report for the fiscal year ending on March 31, 2014 Nintendo’s latest home console has sold a mere 6.17 million units since its launch in November of 2012. In the last quarter Nintendo only sold 310,000 Wii U units, which is roughly a 20 percent drop from how the system sold at the same time last year.
As such, Nintendo reported that it suffered an operating loss of ¥46.4 billion ($457 million) while the net loss was ¥23.2 billion ($22.8 million).
Comparatively, the 3DS is doing much better, selling 590,000 units in the last quarter. However, this is still below Nintendo’s originally projected sales.
Nintendo hopes that over the next fiscal year it will return to the black with an operating profit of ¥40 billion ($394 million) with 3.6 million Wii U consoles and 12 million 3DS handhelds sold in the next 12 months.
In a statement released alongside the report, Nintendo confirmed that it intends to bring DS titles to the Wii U’s Virtual Console in order to help combat the system’s poor sales.