Nintendo has today announced that it has slashed its earnings estimate for the year ended March 31, blaming disappointing sales of its GameCube console. Nintendo's net profit estimate of 80 billion yen has been cut to 66 billion yen ($550 million), while its sales forecast has fallen from 600 billion yen to 500 billion yen. To put these figures into perspective, Nintendo achieved a group net profit of 106.44 billion yen on sales of 554.89 billion yen in 2001.
Nintendo's initial estimates for the year ended March 31 included an ambitious target of some 10 million GameCube console sales--a target far in excess of the 5.6 million consoles actually sold. "GameCube sales were bad worldwide,'' said chief financial officer Yoshihiro Mori at a news conference in Osaka.
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