Mario isn’t the only thing in red right now.
Nintendo has projected a net loss for the first time in its publicly-owned history. Earlier today, Nintendo regrettably informed its investors that instead of the 15 billion yen profit predicted earlier for the fiscal half-year, the company expects to suffer a loss of 3.0 billion yen (around $27 million). Nintendo is currently 7 million yen into the red.
Nintendo blames much of the losses on the unexpected appreciation of the Japanese yen, citing roughly 40 billion yen in foreign exchange losses for the time span. Nintendo also disclosed it had originally planned to reduce the GameCube’s price earlier in the year, and expects the new price to vastly improve sales during the holiday season.
Despite the disappointing news, Nintendo remains confident in its business strategy and estimates a 60 billion yen profit for its full fiscal year ending in March—only five billion yen short of its previous goal.