By Ishaan . October 24, 2012 . 9:30am
Nintendo shared their earnings report for the first half of the ongoing fiscal year this morning, along with the announcement that they are slashing their profit forecast for the year by more than half.
Initially, Nintendo expected to make 20 billion yen ($250.5 million) in profits by March 31st, 2013. That number has been revised down to just 6 billion yen ($75.1 million).
Reasons cited for the slash in profits include the currency exchange rate, to which losses totalling 23.2 billion yen ($290.6 million) can be attributed, and weaker than expected sales of the Nintendo 3DS in territories outside Japan.
Nintendo initially expected to sell 18.5 million Nintendo 3DS systems by March 31st, 2013. That number has been revised to 17.5 million. The total number of Nintendo 3DS systems sold worldwide to date stands at 22.19 million units.
For the first half of the financial year, Nintendo recorded a larger loss than it anticipated. Going forward, the company will be looking to the upcoming Wii U console to help them turn a profit by the end of the financial year.