Nintendo Untraded With Glut Of Sell Orders After Loss Warning

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Nintendo Untraded With Glut Of Sell Orders After Loss Warning

by Wochit 1:00 mins

Nintendo Untraded With Glut Of Sell Orders After Loss Warning

by Wochit 1:00 mins

Shares in Nintendo were untraded with a glut of sell orders on Monday morning after the company said sales of its Wii U consoles had flopped and warned that it would post a third consecutive annual loss. After the market close on Friday, the Kyoto-based company slashed its global Wii U sales forecast for the year to March 31 by almost 70 percent to 2.8 million units. It now expects an operating loss of 35 billion yen ($335.7 million), compared with an initial forecast for a 100 billion yen profit. The weak Wii U sales stand in sharp contrast to those of its predecessor, Wii, which propelled Nintendo shares to a record high of 73,200 yen in November 2007. The stock has lost 80 percent since then.

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