Nintendo Posts Worse Than Expected Losses

Japan based console giant Nintendo, for the first time in the company's history, is expecting an annual loss as it posted the financial report for the first six months of the running fiscal.

According to the financial report released by Nintendo, the company suffered a loss of 70.3 billion yen or $925 million during the first 6 months of the ongoing fiscal year.

The console giant went on to predict that it could face an overall loss of 20 billion yen (or $264 million) for the fiscal that ends on March next year.

Nintendo, which was an undisputed king in the gaming market until only recently, has found itself at the receiving end of some rather massive setback as it failed to counter the threats coming from the rivals Sony and Microsoft's PlayStation and Xbox product lines.

"The games giant behind the Super Mario franchise slashed its full-year operating profit forecast in July to a 27-year low of 35 billion yen, as it cut the price of the 3DS by about one-third to try to boost weak sales," read a Reuters report covering the story.

On being approached, a spokesperson from the company reportedly refrained from making any comments.