Nintendo Loses Nearly $1 Billion In 3rd Quarter of 2011

Posted Thu Oct 27, 2011 at 06:30 AM PDT by Dick Ward

Lukewarm sales of the 3DS are being blamed for the majority of the loss.

This whole losing money thing is new to Nintendo. They haven't seen an annual loss in 30 years, but in 2011 it looks like that's going to happen.

President Satoru Iwata says that one of the reasons for the loss was the low number of 3DS sales, spurred on by the lack of big name hit titles. Sales are improving, but even a steep price cut hasn't brought on the numbers that Nintendo is looking for.

Iwata says that Nintendo is going to work hard to get those sales back up. "We are cutting costs steadily and plan to release major titles seamlessly," he said at a press conference in Japan, adding that they "expect 3DS sales will surge at a stretch toward the end of this year."

Source: Bloomberg

Tags: Wii U, Wii, 3DS, Nintendo (all tags)