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#Business

Nintendo stock prices tumble as company forecasts loss

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Mere a couple of days after Nintendo announced its revised Wii U sales forecast owing to declining software and hardware sales in the holiday season last year, company’s shares have lost more than one-tenth of their value in Japan stock exchange on Monday.

As per Reuter’s report, Nintendo’s stock on Monday went down to 13,145 yen ($126) from 14,645 yen ($140) on Friday. The company’s stock in Tokyo was recorded down by more than 10% in afternoon trading.

The game maker on Friday announced that it now expects an operating financial loss of around 35 billion yen ($335.2 million) for the fiscal year ending March 31 as compared to its previous profit forecast of 100 billion yen ($957.7 million).

The company also revised its global Wii U sales figures from previous forecast of 9 million units to a disappointing 2.8 million units even after it announced a price cut for the device last year to attract buyers. The company’s Wii U software sale was also revised to 19 million units from previously expected 38 million units.

Microsoft with its Xbox One and Sony with its Playstation 4 have been the toughest competitors for the struggling console maker during the recent holiday shopping season. While Microsoft and Sony both have successfully turned their gaming consoles into integrated, computing devices, Nintendo is yet to integrate online gaming and entertainment-based features into its Wii U.