Nintendo cuts profit forecasts on 3DS weakness, yen strength

Nintendo has modified its forecasts for the financial year ending March 31, 2016, and expects sales to be 12.3 percent lower than previously predicted. 

In a statement reported by Bloomberg, Nintendo spokesperson Yasuhiro Minagawa said the impact of a stronger yen and flagging 3DS sales meant Nintendo had "no choice" but to revise. 

As such, the company is now anticipating end-of-year sales of 500 billion yen ($4.39 billion), rather than 570 billion yen ($4.73 billion).

A 51.4 percent drop-off in profit is also expected, with Nintendo predicting profits will drop to 17 billion yen ($149.2 million) from 35 billion yen ($290.5 million) by the end of the financial year. 

With regards to the company's hardware forecasts, Wii U and Wii sales predictions remain unchanged at 3.4 million and 100,000 units respectively for the full fiscal year.

As previously mentioned, however, Nintendo has altered its 3DS predictions, with the console manufacturer lowering its 3DS sales forecast to 6.6 million units from 7.6 million units.