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Nintendo Reports First Ever Operating Loss (PINK: NTDOY)
Nintendo reported its first operating loss ever for the financial year ending March 31. The company reported a deficit of ¥37.3 billion, or $460 million. The results were slightly better than analysts’ forecast of a ¥41.4 billion loss. David Gibson, an analyst for Macquarie bank in Tokyo said, “They have been beaten by smartphones and tablets, in particular, for consumers’ spending and, more importantly, time.”
The company has been hammered by a steep decrease in sales of the Wii,...