Nintendo cuts profit forecasts after $50m loss last quarter

Nintendo has cut its profit forecasts for the financial year after its second quarter earnings release showed that the company lost around $50 million over the last few months.

The release showed that Nintendo’s revenue for the quarter was around $1.32 billion, which was down 33% compared to the same quarter last year. Further bad news came with the news that they made a loss of around $57.1 million in the quarter.

These losses have forced Nintendo to re-evaluate its projected profit forecast for the rest of the year. They now expect to make around 30 billion yen this financial year, which ends in March 2017. The original forecast was 45 billion yen.

There was some good news to come from the second quarter for Nintendo. Pokmon Go has apparently caused a spike in 3DS sales, which were up 19%, and was responsible for a surge in popularity for some of the older Pokmon games. With Pokmon Sun and Moon set to launch next month this can only be a good thing for the company.

While the financials don’t exactly look amazing it is important to note that Nintendo hasn’t really been doing that much over the last few months. The company hasn’t really released any major games during that time frame and there hasn’t been a new hardware revision for some time.