Nintendo has posted a net loss of $350million for the six months ending September 30th in its latest financial results.
Whilst a staggering number, the loss is actually down significantly for the same period last year, in which the console giant reported a loss of $880m.
Net sales of software and hardware were down to $2.5 billion from $2.7 billion in 2011.
Net income and sales also failed to meet expected forecasts set on April 26th earlier this year, with the company’s net loss expected to be cut down to $250 million, a target missed by $100m.
The 3DS sold 5.06m units worldwide by the end of September, whilst Wii hardware sales reached 1.32m for the same period. Lifetime 3DS hardware sales now stand at 22m, with Wii sales at an impressive 97.2m.
Nintendo put its poorer than expected financial results down to weaker sales of Nintendo 3DS hardware and software in overseas markets, as well as the appreciation of the yen beyond expected levels.
It should also be noted that the end of the Wii’s lifecycle and the preparation for the company’s next-gen console the Wii U will also have been factors responsible for the high net loss.
The console giant claimed that yen appreciation alone caused exchange losses of $290 million.
As a result of a failure to meet its targets Nintendo has altered its forecasts for the year ending March 2013 with lower sales and operating income expected. The company has now targetted a profit of $75m