Nintendo's first-quarter profit increases fivefold due to Wii and DS Sales |
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Nintendo has posted its first quarter profits revealing that their gains have increased fivefold. This new record has prompted the said company to raise its earnings forecast. This should come as no surprise considering that both the Nintendo DS and the Wii have been outselling any and all competitors in the console and handheld market.The net income of Nintendo has climbed to 80.3 billion yen (about US$ 668 million) within a three-month span (ended on June 30). At this point last year, the company was brandishing just 15.6 billion yen.
This news was noted by stock traders as the company's shares rose as much as 0.9 percent after the earnings announcement, but fell 0.2% to 54,800 yen as of 2:33 p.m. in Osaka.
Nintendo is confident that this trend will continue with the company raising its full-year net income forecast to 245 billion yen. That's a full 41% more than its April projection with expected sales hitting 1.4 trillion yen.
This meteoric rise did not go unnoticed by analysts, and Daniel Ernst from Soleil Securities Corp noted quite a few things regarding the company saying that "Nintendo continues to knock the cover off the ball in the video-game market. Nintendo not only creates great hardware that is low-cost to make and easy to play, but also great software."
Via Bloomberg
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