I'm glad to have yen!
Nintendo Predicts First Annual Loss in 30 Years on Yen, 3DS
By Naoko Fujimura and Masatsugu Horie - Oct 27, 2011 6:48 AM ET
Nintendo Co., the world’s largest maker of video-game machines, forecast its first annual loss in at least 30 years after the yen reached a postwar high and the new 3DS console had weaker-than-expected sales.
The net loss may be 20 billion yen ($264 million) for the year ending in March, compared with a previous projection for a 20 billion-yen profit, Kyoto, Japan-based Nintendo said in a statement today. That compared with the 12.2 billion-yen average profit of 22 analysts’ estimates compiled by Bloomberg.
Nintendo, which gets about 80 percent of its revenue from Americas and Europe, is predicting lower profit after the yen gained against the dollar and surged to a decade high against the euro, trimming the repatriated value of overseas sales. President Satoru Iwata cut the price of the 3DS by 40 percent in August as gamers flock to Apple Inc. (AAPL)’s iPhone and iPad, and Facebook Inc.’s website.
“Nintendo faces a very harsh time now,” said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments Ltd., which manages $28 billion of assets from Tokyo. “Competition in the video-game industry is getting severe, and Nintendo must fight for customers who are using smartphones and tablets.”
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Full story: http://www.bloomberg.com/news/2011-10-27/nintendo-predicts-first-annual-loss-in-30-years-after-cutting-3ds-price.html
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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