Industry | Nintendo Profits Fall

By James Temperton 27.05.2004 1


Nintendo Release Details
Profits, hopes and the Nintendo Revolution for E3 2005...


Nintendo released details of their net profits today, confirming that they have fallen by half in the last business year. Disappointing sales of the GameCube are believed to be the main contributor to this, but it is believed that Nintendo will recover from this set back and come back fighting next year.

Hiroshi Kamide, analyst at KBC Securities in Japan commented: "Nintendo is becoming more aggressive and more commercial, which it needs to be if it intends to compete," he also put a "buy" rating on Nintendo shares.

The announcement of profits of just 33.2 billion yen comes in huge comparison to the profits of the 2002/03 fiscal year which totalled a much more solid 67.3 billion yen. Nintendo had previously cut their profit estimate in April, but this still comes as a disappointment to many.

Nintendo are still expecting a rise of 3% in revenues to 530 billion yen this year from last year

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