Monday, August 3, 2015   

Nintendo shares hammered, but recover at close
(01-20 15:43)

Nintendo shares plunged nearly 19 percent before recouping most of those losses after the Japanese gaming giant warned it would slip back into the red on poor sales of its Wii U game console.
The warning, released after the Tokyo market closed Friday, highlighted a growing chasm between Nintendo and global rivals Sony and Microsoft, as well as the trio's battle against cheap – or sometimes free – downloadable games for smartphones and tablets.
Shareholders unloaded the stock at the opening bell today after Kyoto-based Nintendo said it would lose 25 billion yen (US$240 million) in the fiscal year to March, reversing an earlier 55 billion yen net profit forecast.
But the shares recovered from their morning losses to close 6.14 percent lower at 13,745 yen.
Nintendo, maker of the Donkey Kong and Super Mario brands, blamed the downgrade on expectations it would now sell just 2.8 million units of the Wii U worldwide in the current fiscal year.—AFP
   
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